Authorizes a tax credit for urban farms located in a food desert
Impact
The bill allows taxpayers to claim a tax credit equal to 50% of their eligible expenses for establishing urban farms in food deserts, capped at $1,000 per urban farm. Tax credits that cannot be fully utilized in a given tax year can be carried forward for three subsequent years. Additionally, the total amount of tax credits authorized under this legislation is limited to $100,000 annually. This initiative is expected to assist not only individual taxpayers but also broader community health and economic development efforts.
Summary
House Bill 2020 seeks to promote the establishment of urban farms in areas designated as food deserts by providing tax credits to taxpayers who develop these agricultural enterprises. As defined in the bill, an 'urban farm' is any agricultural plot or facility within an urban area that produces agricultural products. A 'food desert' is characterized as an area with a significant lack of access to affordable and nutritious food, evidenced by a high poverty rate and distance from grocery stores. By incentivizing urban farming, the bill aims to enhance food security and stimulate local economies in underserved urban neighborhoods.
Contention
While the bill presents potential benefits, there may be contentious discussions surrounding the implementation and adequacy of the funding. Critics might argue that the limited annual cap of $100,000 on tax credits could restrict the growth of urban farms in underfunded areas. Furthermore, questions about the definition and oversight of eligible expenses may arise, leading to concerns regarding accountability and the effective utilization of resources. Supporters, however, view the tax credits as a necessary step towards addressing food insecurity and supporting urban agriculture, which requires a careful balance in legislative discussions.
Modifies provisions of the urban farm tax credit to include certain specialty crop farms located in a food desert and establishes a tax credit for grocery stores in a food desert
Modifies provisions of the urban farm tax credit to include certain specialty crop farms located in a food desert and establishes a tax credit for grocery stores in a food desert
Modifies provisions of the urban farm tax credit to include certain specialty crop farms located in a food desert and establishes a tax credit for grocery stores in a food desert
Modifies provisions of the urban farm tax credit to include certain specialty crop farms located in a food desert and establishes a tax credit for grocery stores in a food desert
Exempts urban and small farmers from sales taxes, real, tangible and personal property taxes and income taxes. It also defines urban and small farmers and urban farmland.
Exempts urban and small farmers from sales taxes, real, tangible and personal property taxes and income taxes. It also defines urban and small farmers and urban farmland.
Exempts certain urban and small farmers from sales taxes, real, tangible and personal property taxes and income taxes. Also defines urban and small farmers and urban farmland.