Section 2 of the bill requires the general assembly, for fiscal year 2023-24 through fiscal year 2030-31, to annually transfer $1 million to the prevention services division (division) within the department of public health and environment. The bill requires the division to use this money to partner with a statewide nonprofit organization to provide healthy eating program incentives among Colorado's low-income populations. 3 2 requires individual taxpayers to add an amount of federal taxable income equal to their federal deduction for business meals to their state income tax liability for the 2024 through 2030 income tax years. Section 4 3 requires the same of corporate taxpayers. Section 6 requires the general assembly to transfer the following amounts from the general fund to the department of agriculture to implement the small business recovery and resilience grant program (grant program):
For fiscal years 2023-24 and 2030-31, $2.5 million; and For fiscal years 2024-25 through 2029-30, $5 million. Section 6 also extends the repeal date of the grant program from September 1, 2027 to September 1, 2031. 5 4 creates a tax credit for both small food retailers and small family farms that purchase certain systems or equipment and a member of the community food consortium for small food retailers and Colorado-owned and Colorado-operated farms (the consortium) that completes its duties and responsibilities . The tax credit is equal to 75% of the cost of those the systems or equipment purchased by the small food retailers and small family farms and 75% of the amount spent by a member of the consortium on completing its duties . Purchasers may assign the tax credit to the seller who sells them the qualifying systems or equipment. The tax credit is available for the 2024 through 2030 tax years. 6 5 modifies the small food business recovery and resilience grant program (grant program). Section 5:
- Allows the department of agriculture to award grants of up to $50,000, rather than $25,000;
- Allows the department to annually award a grant to a grantee, rather than only once;
- Modifies the definition of "small food retailer" to include food retailers with less than 10,000 square feet or retail space, rather than less than 5,000 square feet of retail space; and
- Extends the repeal date of the grant program from September 1, 2027 to September 1, 2031.
(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)