IN HB1397

Allocates $50,000,000 annually from IEDC's $300,000,000 tax credit pool to establish the Small Town Opportunity Initiative for community redevelopment projects in cities/towns under 30,000 population or counties under 75,000 population

Requires qualified community projects to have a minimum budget of $15,000,000 and involve historic preservation, redevelopment of distressed buildings, or rehabilitation of underutilized property in downtown areas

Provides redevelopment tax credits of 20% of project costs for for-profit taxpayers and 30% for nonprofit taxpayers undertaking qualified projects

Exempts initiative projects from any statutory or administrative repayment obligations

Allows nonprofit taxpayers to include pre-approval expenditures for acquiring and preparing real property in their qualified investment if made for future redevelopment purposes