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Senate bill seeks to steer redevelopment tax credits toward regional development authorities with measurable outcomes
Summary
Senate Bill 281 would reserve redevelopment tax credit capacity for projects proposed by Regional Development Authorities and qualifying regional nonprofits, tie awards to measurable 5‑ and 10‑year regional objectives and set aside $50 million per fiscal year for RDA applications. Proponents said the change encourages bottom‑up regional cooperation for talent, housing and advanced manufacturing projects.
Senate Bill 281 was presented as a tool to encourage county and multi‑county cooperation for regionally significant economic development. The bill would let Regional Development Authorities or qualifying regional nonprofits submit redevelopment plans to the Indiana Economic Development Corporation for an earmarked share of redevelopment tax credit capacity (sponsor cited $50 million per fiscal year for awarded credits to RDAs), and tie awards to measurable regional goals (employment, population, per‑capita income and credential attainment over five‑ and ten‑year horizons).
Supporters said the change would let regions that have already been cooperating on workforce, manufacturing, and technology projects access a redevelopment credit framework tied to measurable public benefits. Commenters urged flexibility to include single‑county projects of regional significance and recommended IEDC coordination, philanthropic participation, and safeguards to ensure public return on investment.
The bill passed the Senate with bipartisan support and committee members asked for additional language to ensure rural projects and philanthropy can participate; witnesses said they would work with the sponsor on those points going forward.
