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Tax Incentives for Small Groceries to Boost Competition and Lower Food Prices

This law introduces several new tax credits and increased deductions for small food retailers opening in areas lacking competition. The goal is to encourage the establishment of new food outlets, thereby increasing product availability and potentially lowering prices for residents in those regions.
Key points
Increased rehabilitation tax credits for qualified small food retail businesses (credit increases from 20% to 25%).
A new 15% tax credit for qualified investment amounts for businesses operating for less than three years.
Increased limits for the Work Opportunity Tax Credit regarding wages paid by small food retailers.
Support is targeted at 'low-competition areas' as defined by the Herfindahl-Hirschman Index.
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Additional Information
Print number: 118_HR_9993
Sponsor: Rep. Sherrill, Mikie [D-NJ-11]
Process start date: 2024-10-15
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OFFICIAL LEGAL TITLE

REDUCE Food Prices Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_9993.

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 2024-10-15.

What are the main provisions?

Key points include:

  • Increased rehabilitation tax credits for qualified small food retail businesses (credit increases from 20% to 25%).
  • A new 15% tax credit for qualified investment amounts for businesses operating for less than three years.
  • Increased limits for the Work Opportunity Tax Credit regarding wages paid by small food retailers.
  • Support is targeted at 'low-competition areas' as defined by the Herfindahl-Hirschman Index.
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. Sherrill, Mikie [D-NJ-11].

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 2025-12-30.

CATEGORIES

Taxes Economy