The proposed bill, S. 273, aims to address food deserts in South Carolina by providing financial incentives for grocers that establish new locations in these underserved areas. It introduces a new income tax credit under Section 12-6-3830, allowing grocers to claim a tax credit equal to ten percent of the total costs incurred in opening a new store in a food desert. This credit can be claimed over three years, with equal installments due each year following the store's opening. Additionally, the bill defines a "food desert" and outlines the application process for grocers seeking to benefit from this tax credit.

Furthermore, the bill amends Section 12-36-2120 to include a sales tax exemption for all purchases made by grocers operating a new store in a food desert for a period of two years. This exemption is intended to further support the establishment and operation of grocery stores in areas lacking access to fresh food. The bill will take effect upon approval by the Governor.

Statutes affected:
01/28/2025: 12-6-3830, 12-36-2120
Latest Version: 12-6-3830, 12-36-2120