REDUCE Food Prices Act

This bill creates a new tax credit to help small, new food stores open or improve their shops in places where a few big grocers dominate and competition is low. It lets these businesses claim 15% of what they spend in a tax year on their store’s property, buildings, and equipment as a credit on their taxes. The goal is to boost competition and ease food prices by making it less costly to start and grow local food retail options.

To qualify, a business must be a small food retailer that began operating within the last three tax years. The credit covers capital investments tied to the store location and what it needs to sell food, like fixtures and equipment.

• Who is affected: Small food retail businesses that started within the last three years.
• What changes: A 15% tax credit on money spent on store property, facilities, and equipment during the tax year.
• Where it’s targeted: Areas with high food retail concentration and low competition.