H.R. 701

119th CONGRESS 1st Session

To amend the Internal Revenue Code of 1986 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 competition.

IN THE HOUSE OF REPRESENTATIVES · January 23, 2025 · Sponsor: Ms. Sherrill · Committee: Committee on Ways and Means

Table of contents

• H.R. 701
  • Sec. 45BB. New food retail business credit.

Sec. 45BB. New food retail business credit.

• (a) In general
  • For purposes of section 38, in the case of a new small food retail business, the new food retail business credit under this section for the taxable year is an amount equal to 15 percent of qualified investment amounts paid or incurred during the taxable year.
• (b) Definitions
  • For purposes of this section—
    • The term means a qualified small food retail business (as defined in section 47(e)(2)(A)) which began operations during the previous three taxable years. new food retail business
    • The term means amounts paid for capital investment in the property, facilities, or equipment of a business premises used for retail sales of the new food retail business. qualified investment amounts