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FL H0441
Bill
Status
Failed
5/2/2014
Primary Sponsor
Larry Lee
Click for details
AI Summary
- Establishes a 20 percent corporate income tax credit for businesses selling nutrient-dense foods in designated food desert areas, capped at total state tax liability
- Defines eligible "food desert businesses" as those with less than $15 million in annual sales, purchasing at least 15 percent of inventory from in-state companies, and deriving at least 20 percent of gross receipts from nutrient-dense food retail
- Defines "food desert zones" as census tracts with poverty rates of 20 percent or greater (or median income at or below 80 percent of state median) where at least 500 persons or 33 percent of population live more than 1 mile from a supermarket in urban areas or 10 miles in rural areas
- Requires taxpayer application and departmental approval to claim the credit, which cannot be sold or transferred but may be carried forward up to 2 years if unused
- Establishes penalties including a second-degree misdemeanor charge and mandatory repayment of fraudulently claimed credits plus 100 percent penalty and interest; requires departmental review after 3 years to determine continuation; applies to taxable years beginning January 1, 2015
Legislative Description
Food Deserts
Last Action
Died in Agriculture and Natural Resources Subcommittee
5/2/2014
Committee Referrals
Agriculture And Natural Resources Subcommittee1/8/2014
Full Bill Text
No bill text available