Eligibility
The credit is available to taxpayers that make qualified investments in the redevelopment or rehabilitation of a qualified redevelopment site. A qualified redevelopment site is considered vacant land, brownfield property over 50 acres, or a vacant building or complex of buildings that are at least 15 years old. The IEDC will evaluate a project based on a number of factors including its potential impact on the local community, the likelihood the project will spur additional investment, the level of support for the project from local and regional stakeholders, and the project’s alignment with a regional or local development plan. Only projects that the IEDC expects to have a positive return on investment will be eligible for a tax credit award.
The tax credit award may not exceed the following:
If the qualified redevelopment site is between 15 and 29 years old, is vacant land, or a brownfield site over 50 acres, the IEDC may award up to 15% if the site is part of a Regional Development Authority’s (RDA) development plan or 10% if not included in an RDA plan.
If the qualified redevelopment site is between 30 and 39 years old, the IEDC may award up to 20% if the site is part of a Regional Development Authority’s (RDA) development plan or 10% if not included in an RDA plan.
If the qualified redevelopment site is more than 40 years old, the IEDC may award up to 25% if the site is part of a Regional Development Authority’s (RDA) development plan or 15% if not included in an RDA plan.
The IEDC may increase the award amount by no more than 5% if the site is located in a federally designated Opportunity Zone or qualifies for New Markets Tax Credits and the applicant can show that this funding was actively pursued.