HB 1240 Summary

• Authorizes a job tax credit equal to 10% of payroll for supermarkets located in economically distressed communities, limited to 50% of the taxpayer's annual state income tax liability.

• Caps aggregate tax credits awarded statewide at $4,000,000 per calendar year.

• Defines "economically distressed community" as areas within municipalities where at least 30% of residents have incomes below the national poverty level, subject to Department of Revenue certification.

• Exempts from sales tax materials used in constructing supermarkets in certified economically distressed communities, plus machinery and equipment purchased within three months of construction completion.

• Takes effect July 1, 2020.