Congress·In Committee·H.R. 701
REDUCE Food Prices Act
Small Grocery Stores: Tax Incentives for Competition
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Stalled
No legislative action in over 90 days.
Legislative Progress
House
Key Points
- This bill tries to lower grocery prices by giving tax breaks to small food stores. The goal is to help these smaller shops compete in neighborhoods where one or two big chains currently control the market and keep prices high.
- Small grocers could receive a new 15% tax credit for money they spend on building or improving their stores. They would also get larger tax breaks for hiring people who have struggled to find work, such as certain veterans or people who have been unemployed for a long time.
- To get these benefits, a store must make at least 70% of its money from selling food or produce. It also has to be located in a "low-competition" area, which is a place where a few big companies have a near-monopoly on food sales.
- The plan increases several existing tax deductions. For example, small grocers could deduct 25% of their business income from their taxes instead of the usual 20%, and they could write off the cost of new equipment like industrial fridges much faster.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
2 milestones2 actions
Jan 23, 2025
Referred to the House Committee on Ways and Means.
Jan 23, 2025
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
REDUCE Food Prices Act
Bill NumberHR 701
Congress119th Congress
ChamberHouse of Representatives
Latest ActionReferred to the House Committee on Ways and Means.
Data Sources
Sponsor
Cosponsors
(2)D: 2
Analysis generated by AI. Always verify with official sources.