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Tax Credit for Small Brick-and-Mortar Businesses: Support for Local Shops

This new act introduces a tax credit for small businesses that operate physical locations. The aim is to support local enterprises that generate most of their revenue from in-person sales. This means small shop owners can expect reduced tax burdens, potentially leading to lower prices or better offerings for customers.
Key points
Small businesses with annual gross receipts not exceeding $2 million and generating over 50% of revenue from in-person sales may qualify for a tax credit.
The credit is 5% of the first $1 million in business gross receipts, providing tangible savings for eligible businesses.
The act mandates a public awareness campaign to inform small business owners about the available credit, making it easier for them to benefit from the new provisions.
The credit applies to taxable years beginning after December 31, 2024, and will terminate after December 31, 2028.
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Additional Information
Print number: 118_HR_10429
Sponsor: Rep. Khanna, Ro [D-CA-17]
Process start date: 2024-12-16
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Brick and Mortar Small Business Tax Credit Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10429.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-12-16.

What are the main provisions?

Key points include:

  • Small businesses with annual gross receipts not exceeding $2 million and generating over 50% of revenue from in-person sales may qualify for a tax credit.
  • The credit is 5% of the first $1 million in business gross receipts, providing tangible savings for eligible businesses.
  • The act mandates a public awareness campaign to inform small business owners about the available credit, making it easier for them to benefit from the new provisions.
  • The credit applies to taxable years beginning after December 31, 2024, and will terminate after December 31, 2028.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Khanna, Ro [D-CA-17].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Taxes Economy