HB 1397: Redevelopment tax credits.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Provides that $50,000,000 of the $300,000,000 of the Indiana economic development corporation's annual certifiable tax credit amount must be allocated to the small town opportunity initiative (initiative). Establishes the initiative. Provides that the purpose of the initiative is to undertake qualified community projects within local government units that have a project budget of at least $15,000,000 per project to do the following: (1) Advance historic preservation. (2) Redevelop or rehabilitate distressed buildings or underutilized property. (3) Redevelop or rehabilitate sites where distressed buildings once stood. Allows a redevelopment tax credit for: (1) a for-profit taxpayer undertaking a qualified community project under the initiative equal to 20% of the taxpayer's cost of the project; and (2) a nonprofit taxpayer undertaking a qualified community project under the initiative equal to 30% of the taxpayer's cost of the project. Provides that initiative projects are not subject to any statutory or administrative repayment obligation. Provides for certain items that are included in a nonprofit taxpayer's qualified investment.

Sponsors

Sponsors by party (alphabetical): Republican 3

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. January 13, 2026Representative Goss-Reaves added as coauthor
2. January 12, 2026Representative Snow added as coauthor
3. January 8, 2026Authored by Representative Lopez
4. January 8, 2026First reading: referred to Committee on Ways and Means