SB2242 Summary

• Establishes a job tax credit equal to 10% of payroll for supermarkets located in municipally-designated economically distressed communities (areas where at least 30% of residents have incomes below the national poverty level).

• Limits the annual tax credit per supermarket to no more than 50% of the taxpayer's state income tax liability, with an aggregate statewide cap of $4,000,000 per calendar year.

• Exempts from sales tax materials used in construction of supermarkets in economically distressed communities and machinery/equipment purchased within 3 months after construction completion for use in the supermarket.

• Requires municipalities to designate economically distressed areas and obtain certification from the Department of Revenue based on census tract poverty data.

• Takes effect July 1, 2016.