Amends the Internal Revenue Code of 1986 to provide tax incentives for small food retail businesses in areas with high food retail concentration and low competition.
Increases the rehabilitation tax credit for qualified small food retail businesses from 20% to 25%.
Defines a qualified small food retail business based on gross receipts from food sales and location in a low-competition area, determined by the Herfindahl-Hirschman Index.
Increases the Work Opportunity Tax Credit limits for wages paid to employees of qualified small food retail businesses.
Increases bonus depreciation percentages for property and plants (fruits and nuts) placed in service by qualified small food retail businesses.
Increases the qualified business income deduction for qualified small food retail businesses from 20% to 25%.
Introduces a new food retail business tax credit equal to 15% of qualified investment amounts for new small food retail businesses that began operations within the last three years.
All amendments and credits are effective for property placed in service or taxable years beginning after the enactment of the Act.
