The bill H. 3465 aims to support grocery stores opening in food deserts in South Carolina by providing financial incentives. It introduces a new income tax credit for grocers that establish a new location in a designated food desert, defined as an area where at least thirty-three percent of the population lives more than one mile from a grocery store. The tax credit is set at ten percent of the total costs incurred in establishing the new location and can be claimed over three years. Additionally, grocers must submit an application detailing their plans for the new store, which will be reviewed by the department for approval.

Furthermore, the bill amends the existing sales tax exemptions to include all purchases made for stocking and operating a new grocery store in a food desert for a period of two years. This dual approach of providing both a tax credit and sales tax exemption is designed to encourage grocery retailers to invest in underserved areas, thereby improving access to fresh food and promoting economic development in those communities. The act will take effect upon approval by the Governor.

Statutes affected:
12/05/2024: 12-6-3830, 12-36-2120
02/05/2025: 12-6-3830, 12-36-2120
Latest Version: 12-6-3830, 12-36-2120