Bill > S5120

This bill, the Fresh Food Act, aims to provide tax incentives for the establishment of grocery stores in certain underserved areas. The key provisions are: 1. Increased Work Opportunity Tax Credit: The bill allows for a $1,000 increase in the work opportunity tax credit limitation for individuals employed in the operation of a new underserved area grocery store. This applies to wages paid in taxable years between 2024 and 2030. 2. Credit for Sales of Fresh Fruits, Vegetables, Meat, and Dairy: The bill introduces a tax credit equal to a percentage (ranging from 30% to 0%) of the cost of goods sold for the retail sale of fresh produce, meat, and dairy in a new underserved area grocery store. This credit is available for taxable years between 2024 and 2030 and includes a bonus for locally sourced items. 3. Definitions: The bill defines key terms such as "fresh fruits, vegetables, meat, and dairy," "new underserved area grocery store," and "underserved area" to establish the criteria for eligibility for the tax incentives. The goal of this bill is to encourage the establishment of grocery stores in areas that currently lack access to fresh, affordable food options, particularly in low-income and rural communities.