Indiana HB1397 establishes a small town opportunity initiative to fund redevelopment projects in downtown areas of small towns.

Indiana HB1397 creates a small town opportunity initiative to allocate $50 million annually from the Indiana economic development corporation's tax credit amount. This initiative aims to fund qualified community projects in downtown areas of small towns, focusing on historic preservation, redevelopment, and rehabilitation of distressed buildings or underutilized property. For-profit taxpayers can receive a tax credit equal to 20% of their project costs, while nonprofit taxpayers can receive a credit equal to 30%.

Indiana HB1397 establishes a small town opportunity initiative to fund redevelopment projects in downtown areas of small towns.

Indiana HB1397 creates a small town opportunity initiative to allocate $50 million annually from the Indiana economic development corporation's tax credit amount. This initiative aims to fund qualified community projects in downtown areas of small towns, focusing on historic preservation, redevelopment, and rehabilitation of distressed buildings or underutilized property. For-profit taxpayers can receive a tax credit equal to 20% of their project costs, while nonprofit taxpayers can receive a credit equal to 30%.