Congress·In Committee·H.R. 701

Small Grocery Stores: Tax Incentives for Competition

REDUCE Food Prices Act

⏸

Stalled

No legislative action in over 90 days.

Legislative Progress

House

Senate

President

Law

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.

2 milestones2 actions

Jan 23, 2025House

Referred to the House Committee on Ways and Means.

Jan 23, 2025

Introduced in House

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.

(2)

D: 2

Congress.gov

Official legislative information

Analysis generated by AI. Always verify with official sources.