# Indiana HB 1038: ESOP linked deposit program.

Indiana HB 1038, ESOP linked deposit program., is a First Regular Session 124th General Assembly (2025) House bill sponsored by Jake Teshka (Republican); status failed, last action 2025-01-28 (Representatives Pierce K and Andrade added as coauthors) (as of 2026-10-17).

- Canonical: https://policyrisk.com/state-bill/IN-HB1038-2025
- As of: 2026-10-17
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: Indiana HB 1038
- State: Indiana
- Session: First Regular Session 124th General Assembly (2025)
- Title: ESOP linked deposit program.
- Status: failed
- Chamber: House
- Introduced: 2025-01-08
- Last action: 2025-01-28, Representatives Pierce K and Andrade added as coauthors
- Sponsor: Jake Teshka (Republican)
- Cosponsors: 2
- Subjects: financial institutions
- Touches household money: no
- Economic provisions PRIA read: 0

## Summary

Requires the treasurer of state (treasurer) to establish and administer a program to assist Indiana companies in obtaining financing from a financial institution for the purchase of company shares by an employee stock ownership plan (ESOP). Allows the treasurer and a financial institution to enter into an agreement under which: (1) the treasurer places a certificate of deposit (CD) with the financial institution at not more than 3% below the comparable Treasury Bill rate; (2) the financial institution makes a loan to a company at a reduced percentage rate of interest that corresponds to the CD's reduced rate of interest; and (3) the rate of interest of both the loan and the certificate of deposit move in tandem for the duration of the loan term.

## Bill overview

No economic impacts identified for this bill.

## Sponsors and cosponsors

- Sponsor: Jake Teshka (Republican), House
- Cosponsor: Kyle Pierce (Republican), House
- Cosponsor: Mike Andrade (Democratic), House

## Actions (5)

- 2025-01-28: Representatives Pierce K and Andrade added as coauthors (House)
- 2025-01-21: Committee report: amend do pass, adopted (House)
- 2025-01-21: Recommitted to the Committee on Ways and Means pursuant to House Rule 126.3 (House)
- 2025-01-08: Authored by Representative Teshka (House)
- 2025-01-08: First reading: referred to Committee on Financial Institutions (House)

## Bill text

- House Bill (H): [PDF](https://api.iga.in.gov/2025/bills/HB1038/versions/HB1038.02.COMH?format=pdf)
- Introduced House Bill (H): [PDF](https://api.iga.in.gov/2025/bills/HB1038/versions/HB1038.01.INTR?format=pdf)

## Related bills

- SB 324: Criminal procedures. (signed)
- SB 231: Various corrections matters. (signed)
- SB 80: Code publication. (signed)
- SB 453: Various tax matters. (signed)
- SB 464: Financial institutions and consumer credit. (signed)
- SB 371: Workforce matters. (signed)

## Sources
- [House Bill (H) (PDF)](https://api.iga.in.gov/2025/bills/HB1038/versions/HB1038.02.COMH?format=pdf)
- [Introduced House Bill (H) (PDF)](https://api.iga.in.gov/2025/bills/HB1038/versions/HB1038.01.INTR?format=pdf)

## Related
- [SB 324: Criminal procedures.](https://policyrisk.com/state-bill/IN-SB324-2025)
- [SB 231: Various corrections matters.](https://policyrisk.com/state-bill/IN-SB231-2025)
- [SB 80: Code publication.](https://policyrisk.com/state-bill/IN-SB80-2025)
- [SB 453: Various tax matters.](https://policyrisk.com/state-bill/IN-SB453-2025)
- [SB 464: Financial institutions and consumer credit.](https://policyrisk.com/state-bill/IN-SB464-2025)
- [SB 371: Workforce matters.](https://policyrisk.com/state-bill/IN-SB371-2025)
- [Indiana bills](https://policyrisk.com/states/indiana/bills)
- [Indiana state hub](https://policyrisk.com/states/indiana)
- [All state legislation](https://policyrisk.com/state-bills)

Source: PRIA, https://policyrisk.com/state-bill/IN-HB1038-2025 (as of 2026-10-17).