The Indiana House unanimously passed House Bill 1005 on Tuesday. House Bill 1005 contains changes to what is commonly known as the “Dinosaur Building Law”.
Under existing law, a party that acquires an older industrial building that is at least 20 years old, that has been at least 75% vacant for at least two years and is at least 200,000 square feet, is entitled to tax credits for the rehabilitation made to such a building.
Newly proposed changes would require that a building be at least 15 years old, at least 50% vacant for at least one year and be at least 25,000 square feet in size to qualify for taxes. Charles Weaver, Starke County Economic Development Foundation Director and Chair of the Economic Development Committee of the Northwest Indiana Forum, testified before the committee as the members debated the bill before voting.
The Bill now moves to the Indiana Senate.