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
The impact of HB 1468 on state law will be significant, as it repeals section 135.1610 and introduces two new sections that delineate eligible expenses for tax credits associated with urban farming and grocery store operations. Under the proposed legislation, taxpayers can claim tax credits amounting to 50% of the eligible expenses incurred in establishing or improving urban farms or grocery stores, with limits set for different geographic classifications. For example, projects in charter counties may qualify for a credit up to $1,000,000, while those in other counties can claim up to $500,000, facilitating a robust economic revitalization model in food desert areas.
House Bill 1468 aims to enhance access to food in underserved areas by modifying tax credit provisions related to urban farming and the establishment of grocery stores in food deserts. This bill establishes a new framework for tax credits that are intended to incentivize the development of urban farms and grocery stores in areas identified as food deserts—regions where residents have limited access to fresh and nutritious food. The credit structure is designed to support both small-scale specialty crop farms and full-service grocery stores, thereby addressing food scarcity in these communities.
While supporters of HB 1468 argue that the bill will significantly enhance food access and promote local agricultural development, critics may express concerns regarding the effectiveness of tax credits in solving deeper issues like poverty and systemic inequities. Furthermore, there may be apprehension about how these changes could affect existing regulatory frameworks governing agricultural practices and urban development. As with many tax incentive programs, the nuances of appropriation and execution will play crucial roles in determining whether this bill achieves its intended outcomes.
The bill also includes clauses that outline the procedural requirements for claiming these tax credits and the extent to which they can be reassigned, ensuring accountability and adherence to the legislative framework. The Missouri Department of Economic Development is tasked with implementation and compliance monitoring, highlighting an ongoing commitment to sustainable and equitable food access initiatives across the state.