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House Bill 1029

House Bill 1029

ARCHIVE (2006)

Latest Information

DIGEST OF HB 1029 (Updated March 14, 2006 2:59 pm - DI 92)

Education. Provides that the Indiana bond bank may purchase school buses for sale or lease to school corporations. Relaxes certain restrictions on a school corporation when the school corporation seeks to buy or lease a school bus from the Indiana bond bank. Provides a credit against the adjusted gross income tax liability of: (1) an individual; or (2) a married couple; for contributions to an Indiana college choice 529 investment plan in the amount of 20% of the contributions made by the individual or married couple during the taxable year, to a maximum of $1,000. Provides that certain installment contracts entered into by state universities are exempt from certain requirements governing bond issues. Permits certain bonds issued by Purdue University for deferred repair and rehabilitation expenses to be issued without the prior approval of the general assembly. Permits refunding bonds to be issued without the approval of the state budget committee and the governor. Authorizes Indiana University and Purdue University to issue revenue bonds for facilities if: (1) the facilities are at the West Lafayette, Indianapolis, or Bloomington campuses; (2) the facilities are used for clinical, medical, scientific, engineering, or other similar research purposes; and (3) revenue will be available in an amount at least equal to debt service for the bonds and the annual costs to operate the facilities. Prohibits the universities from paying the debt service requirements and maintenance expenses of the research facilities from student fees or money appropriated by the general assembly. Gives legislative approval to the following projects: (1) Indiana State University for bonding for a student recreation center project; (2) Ball State University to issue bonds for renovation and expansion of a recreation center; (3) the University of Southern Indiana to issue bonds for a university center expansion. Authorizes a state educational institution to set tuition and fee rates for certain students.
Current Status:
Law Enacted
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