,i #aaith ,,congress #ast ,session ,h4 ,r4 #gja ,,in ,,the ,,house ,,of ,,representatives ,january #bc1 #bjbe,ms4 ,sherrill 7for herself and ,mrs4 ,hayes7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide tax incentives for the establishment and operation of small food retail businesses in areas with high food retail concentration and low levels of competition4 #a4 ,short title ,this ,act may be cited as the ,restoring ,establishment ,deductions and ,uplifting ,competition to ,ease ,food ,prices ,act or the ,,reduce ,food ,prices ,act4 #b4 ,increased rehabilitation tax credit for qualified small food retail businesses 7a7 ,in general ,section #dg of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7e7 ,special rule for qualified small food retail businesses 7#a7 ,in general ,in the case of a qualified rehabilitated building placed in service by a qualified small food retail business1 subsection 7a77#b7 shall be applied by substituting #be percent for #bj percent4 7#b7 ,qualified small food retail business defined 7,a7 ,in general ,for purposes of paragraph 7#a71 the term qualified small food retail business means a business-- 7i7 which is described in section #ch7;c77#e7 7determined by applying #bjj1jjj1jjj for #ej1jjj1jjj in such section71 7ii7 at least #gj percent of the annual average gross receipts of which are attributable to the retail sale of food or produce1 and 7iii7 which is located in a low-competition area4 7,b7 ,low-competition area ,for purposes of subparagraph 7,a71 the term low-competition area means a county with respect to which the ,herfindahl-,hirschman ,index for the retail food sector1 as measured by the ,economic ,research ,service of the ,united ,states ,department of ,agriculture1 is at or above a level of #a1djj4 4 7b7 ,effective date ,the amendment made by this section shall apply to property placed in service after the date of the enactment of this ,act4 #c4 ,increased work opportunity tax credit for qualified small food retail businesses 7a7 ,in general ,section #ea7;b77#c7 of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by striking ,the amount and inserting 7,a7 ,in general ,the amount 1 and 7#b7 by adding at the end the following new subparagraph3 7,b7 ,increased limitation for qualified small food retail businesses ,in the case of wages paid by an employer that is a qualified small food retail business 7as defined in section #dg7;e77#b77;,a771 subparagraph 7,a7 shall be applied-- 7i7 by substituting #h1jjj for #f1jjj1 7ii7 by substituting #ad1jjj for #ab1jjj1 7iii7 by substituting #af1jjj for #ad1jjj1 and 7iv7 by substituting #bf1jjj for #bd1jjj4 4 7b7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after the date of the enactment of this ,act4 #d4 ,increased bonus depreciation for qualified small food retail businesses 7a7 ,in general ,section #afh7k7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new paragraph3 7#aj7 ,special rule for qualified small food retail businesses 7,a7 ,increased applicable percentage for property placed in service by qualified small food retail businesses ,in the case of property placed in service by a taxpayer that is a qualified small food retail business 7as defined in section #dg7;e77#b77;,a771 paragraph 7#f7 shall be applied-- 7i7 in subparagraph 7,a7-- 7,i7 by substituting #gj percent for #fj percent each place it appears1 7,,ii7 by substituting #ej percent for #dj percent each place it appears1 and 7,,iii7 by substituting #cj percent for #bj percent each place it appears1 and 7ii7 in subparagraph 7,b7-- 7,i7 by substituting #gj percent for #fj percent each place it appears1 7,,ii7 by substituting #ej percent for #dj percent each place it appears1 and 7,,iii7 by substituting #cj percent for #bj percent each place it appears4 7,b7 ,increased applicable percentage for plants bearing fruits and nuts planted or grafted by qualified small food retail businesses ,in the case of plants bearing fruits and nuts planted or grafted by a taxpayer that is a qualified small food retail business 7as defined in section #dg7;e77#b77;,a771 paragraph 7#f77;,c7 shall be applied-- 7i7 by substituting #gj percent for #fj percent each place it appears1 7ii7 by substituting #ej percent for #dj percent each place it appears1 and 7iii7 by substituting #cj percent for #bj percent each place it appears4 4 7b7 ,effective date ,the amendments made by this section shall apply to property placed in service1 or plants planted or grafted1 after the date of the enactment of this ,act4 #e4 ,increased qualified business income deduction for qualified small food retail businesses 7a7 ,in general ,section #aii;,a of the ,internal ,revenue ,code of #aihf is amended by redesignating subsection 7i7 as subsection 7j7 and by inserting after subsection 7h7 the following new subsection3 7i7 ,special rule for qualified small food retail businesses ,in the case of a qualified small food retail business 7as defined in section #dg7;e77#b77;,a771 subsection 7a77#b7 shall be applied by substituting #be percent for #bj percent4 4 7b7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after the date of the enactment of this ,act4 #f4 ,new food retail business tax credit 7a7 ,in general ,subpart ,d of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new section3 #de;,,bb4 ,new food retail business credit 7a7 ,in general ,for purposes of section #ch1 in the case of a new small food retail business1 the new food retail business credit under this section for the taxable year is an amount equal to #ae percent of qualified investment amounts paid or incurred during the taxable year4 7b7 ,definitions ,for purposes of this section-- 7#a7 ,new food retail business ,the term new food retail business means a qualified small food retail business 7as defined in section #dg7;e77#b77;,a77 which began operations during the previous three taxable years4 7#b7 ,qualified investment amounts ,the term qualified investment amounts means amounts paid for capital investment in the property1 facilities1 or equipment of a business premises used for retail sales of the new food retail business4 4 7b7 ,credit part of general business credit ,section #ch7;b7 of the ,internal ,revenue ,code of #aihf is amended by striking plus at the end of paragraph 7#dj71 by striking the period at the end of paragraph 7#da7 and inserting 1 plus1 and by adding at the end the following new paragraph3 7#db7 the new food retail business credit determined under section #de;,,bb7a74 4 7c7 ,clerical amendment ,the table of sections for subpart ,d of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new item3 ,sec4 #de;,,bb4 ,new food retail business credit4 4 7d7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after the date of the enactment of this ,act4