The proposed tax credit would equal the total property taxes assessed on the supermarket or grocery store for the year it is open to the public. This is expected to incentivize business owners to invest in underserved areas, potentially facilitating economic development and improving the overall health of communities by providing easier access to fresh foods and reducing food insecurity. The effective date of the law is immediate, indicating a swift implementation aimed at mobilizing resources towards these needy areas.
Summary
House Bill 5668 seeks to amend the Illinois Income Tax Act by introducing an income tax credit aimed at encouraging the establishment of supermarkets or grocery stores in identified food desert communities. This initiative involves the Department of Commerce and Economic Opportunity which is tasked with designating up to 75 distinct geographic areas as food desert locations by July 1, 2024. The intention of the bill is rooted in increasing access to nutritious food options in areas where such access is currently limited due to the scarcity of grocery stores.
Contention
While supporters may view HB5668 as a progressive step towards addressing food insecurity and promoting local economic growth, there is the potential for contention. Concerns may arise regarding the effectiveness of such credits in reaching truly underserved communities and the criteria that will be utilized to define and designate food deserts. Moreover, the execution of this credit system and the accountability of the designated areas will likely be scrutinized to ensure that the benefits genuinely extend to those who need them most.