Bill Summaries: H455 (2015-2016 Session)

Tracking:
  • Summary date: Apr 1 2015 - View summary

    Enacts new Article 3L, Tax Incentives for Local Food Sourcing, in GS Chapter 105. Provides that a taxpayer who is a grocer (as defined), and is contracting with a producer for the wholesale purchase of local food and farm products (as defined), for sale in a food desert zone is allowed a tax credit against the income taxes levied in Article 4 of GS Chapter 105 equal to 20% of the wholesale price of the local food and farm products purchased from the producer. Also definesfood desert zone,minimally processed, andproducer. Includes provisions concerning refunds, substantiating claims for the credit, and reporting by the Department of Revenue. Repeals Article 3L effective for taxable years beginning on or after January 1, 2020.

    Enacts new GS 143B-437.010A in Article 10 of GS Chapter 143B to add a definition for the term food desert zone. Provides that upon a county's application for designation as a food desert zone, the Secretary of Commerce is to make a written determination as to whether an area meets the criteria for a food desert zone as defined in this statute. Provides that a designation under this section is in effect until December 31 of the year 10 years after the year in which the initial determination was made. Directs the Department of Commerce to annually publish a list of all food desert zones and include a description of their boundaries. Specifies information and data that is required in the application. Specifies criteria for determining when a parcel of property that is partially located in a food desert zone is considered for the purposes of this section to be entirely within the food desert zone.

    Effective for taxable years beginning on or after January 1, 2015.