Enacts new Article 3L, Tax Incentives for Local Food Sourcing, in GS Chapter 105. Allows a grocer (as defined) contracting with a producer for the wholesale purchase of local food and farm products (as defined) a tax credit of 20% of the wholesale price of the local food and farm products purchased. Also defines food, minimally processed, and producer. Includes provisions concerning refunds, substantiating claims for the credit, and reporting by the Department of Revenue. Sunsets the Article effective for taxable years beginning on or after January 1, 2020.
Effective for taxable years beginning on or after January 1, 2015.
LOCAL FOOD SOURCING TAX CREDIT.
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| View NCGA Bill Details | 2015-2016 Session |
AN ACT TO CREATE A LOCAL FOOD SOURCING TAX CREDIT.Intro. by D. Davis.
Status: Re-ref Com On Finance (Senate Action) (Apr 9 2015)
Bill History:
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Thu, 26 Mar 2015 Senate: Filed
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Mon, 30 Mar 2015 Senate: Passed 1st Reading
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Mon, 30 Mar 2015 Senate: Ref To Com On Rules and Operations of the Senate
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Thu, 9 Apr 2015 Senate: Withdrawn From Com
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Thu, 9 Apr 2015 Senate: Re-ref Com On Finance
S 586
Bill Summaries:
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Bill S 586 (2015-2016)Summary date: Mar 30 2015 - View Summary
View: All Summaries for Bill