Title
AN ACT CONCERNING GROCERY STORE TAX CREDITS for the purpose of increasing both real and personal tax credits for eligible grocery stores within the designated healthy food priority areas.
Background
This Bill seeks to enhance the Healthy Food Priority Area Tax Credit from 80% to 100%. The annual tax credit against the county personal property taxes for a newly constructed or substantially renovated grocery store located, at the time of tax credit award, in a healthy food priority area for the first ten (10) taxable years after both (i) completion of eligible construction of the newly constructed or substantially renovated grocery store and (ii) expenditure on new personal property for the newly constructed or substantially renovated grocery store,
Similarly, this Bill seeks to enhance the Grocery Store Tax Credit from 75% to 100% for the amount of the property tax imposed on the increased assessment attributable to an expansion or renovation of a grocery store; new construction of a grocery store; or re-use of vacant commercial space for a grocery store.
Our efforts to eradicate food deserts and to attract new grocers will benefit immensely from this change.