KLS Keeping Law Simple Legislation in plain English

Straight-ahead summaries built from the official bill text. We keep the source links front and center and leave the decision up to you.

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SB165 • 2026

A BILL FOR AN ACT concerning taxation.

A BILL FOR AN ACT concerning taxation.

Taxes
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Senator Mark Spencer
Last action
2026-01-05
Official status
Introduced Senate Bill (S)
Effective date
Not listed

Plain English Breakdown

The official source material does not provide information on the exact amount of the loan or what happens if Hobart needs another loan from Indiana's counter-cyclical fund in the future.

Hobart Counter-Cyclical Fund Loan Cancellation Act

This act cancels a 2023 loan from Indiana's counter-cyclical fund to Hobart and exempts Hobart from repaying the loan.

What This Bill Does

  • Cancels a 2023 loan or loans from the state of Indiana from the counter-cyclical revenue and economic stabilization fund for the purpose of providing funds to be applied to refunding certain bonds of the city of Hobart and the city of Hobart redevelopment district.
  • Provides that the city of Hobart is not required to make any further payments to the state of Indiana in satisfaction of the loan or loans.

Who It Names or Affects

  • The state of Indiana
  • The city of Hobart
  • The Hobart redevelopment district

Terms To Know

Counter-cyclical fund
A special fund that helps cities during tough economic times.
Refunding bonds
New loans taken out to pay off old ones, often at a lower interest rate.

Limits and Unknowns

  • The bill does not specify the amount of money involved in the loan.
  • It is unclear what will happen if Hobart needs another loan from Indiana's counter-cyclical fund in the future.

Bill History

  1. 2026-01-05 Senate

    Authored by Senator Spencer

  2. 2026-01-05 Senate

    First reading: referred to Committee on Tax and Fiscal Policy

Official Summary Text

A BILL FOR AN ACT concerning taxation.
Hobart counter-cyclical fund loan.

Current Bill Text

Read the full stored bill text 
A BILL FOR AN ACT concerning taxation.

Hobart counter-cyclical fund loan.

Cancels a 2023 loan or loans from the state of Indiana from the counter-cyclical revenue and economic stabilization fund for the purpose of providing funds to be applied to refunding certain bonds of the city of Hobart and the city of Hobart redevelopment district and offsetting property tax revenue shortfalls incurred and to be incurred by the city of Hobart. Provides that the city of Hobart is not required to make any further payments to the state of Indiana in satisfaction of the loan or loans.