Creates the Local Parking Regulation Act. Provides that, except as otherwise provided in the Act, a unit of local government may not impose or enforce any minimum automobile parking requirements on a development project if the project is located within one-half mile of a public transportation hub. In addition to other listed exceptions and limitations, allows a unit of local government to impose or enforce minimum automobile parking requirements in a development project that is located within one-half mile of a public transportation hub if the unit makes written findings that not imposing or enforcing any minimum automobile parking requirements on the development project would have a substantially negative impact, supported by a preponderance of the evidence in the record, on any of the following circumstances: (1) the region's ability to meet its housing needs for low-income households and very low-income households; (2) the region's ability to meet its needs for elderly housing or housing for persons with disabilities; or (3) problems with existing residential parking or commercial parking within one-half mile of the development project. Limits the concurrent exercise of home rule powers. Defines terms. Effective June 1, 2024.