"Vacant buildings can be eyesores in Hoosier communities, which can cause the value of surrounding property to decrease and inhibit economic development," said Rep. David Yarde (R-Garrett), a co-author of the bill. "We want to put a renewed focus on incentivizing the use of existing facilities in our communities."
The legislation would lower the interior square footage requirements from at least 250,000 square feet to 25,000 square feet. It would also lower the vacancy threshold from 75 percent for two years to 50 percent for one year, and the years the facility must have been in service from 20 years to 15 years.
The legislative body of a municipality must designate the facility as an industrial recovery site and work with the municipal executive to put together an application to the Indiana Economic Development Corporation (IEDC). The IEDC makes the final determination for eligibility for a tax credit.
"By encouraging businesses to move into vacant buildings, we can revitalize communities and help people get back to work," said Rep. Yarde.
According to census data, at least 77 buildings throughout Indiana's 92 counties would be eligible for the tax credit.
Rep. Yarde, a second-term member of the Indiana House of Representative, represents District 52.