IN HB1406

Increases the annual tax credit cap for the Indiana Economic Development Corporation from $250 million to $300 million starting fiscal year 2025, with $50 million allocated specifically for qualified community projects in small towns and regional development authorities

Prohibits the IEDC from awarding tax credits to taxpayers organized under, headquartered in, or majority-owned by entities from countries designated as "foreign adversaries" under federal regulations

Removes the 30% minimum valuation floor for depreciable personal property placed in service after January 1, 2025, except for property in existing tax increment allocation areas or owned by utility companies

Establishes a "Small Town Opportunity Initiative" providing 20-30% redevelopment tax credits for historic preservation and rehabilitation projects with budgets of at least $15 million in towns under 30,000 population or counties under 75,000 population

Creates Level 3 certified technology park designation for parks within qualified military base enhancement areas, allowing additional annual tax deposits of up to $250,000 per participating redevelopment commission through June 30, 2029