H.R. 701 · 119th Congress
REDUCE Food Prices Act
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Not yet voted on. This bill is still a proposal: it hasn't reached a floor vote, and its text can change in committee or on the floor before any vote.
D
SherrillSponsor2 cosponsors · 2 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Restoring Establishment Deductions and Uplifting Competition to Ease Food Prices Act or the REDUCE Food Prices Act
What it does: CRS summary · Introduced in House · Jan 23, 2025
Restoring Establishment Deductions and Uplifting Competition to Ease Food Prices Act or the REDUCE Food Prices Act
This bill establishes a new tax credit for certain food retail businesses. The bill also increases bonus depreciation, the qualified business income (QBI) tax deduction, the rehabilitation tax credit (also known as the historic preservation tax credit), and the work opportunity tax credit (WOTC) for the businesses.
The bill establishes a new tax credit (as part of the general business tax credit) in the amount of 15% of certain capital investments by a qualified small food retail business in the first three years of operation.
The bill defines a qualified small food retail business as a private or closely-held company, a partnership, or a sole proprietorship (1) with annual average gross receipts of $200 million or less for the three tax years preceding the current tax year, (2) with at least 70% of its annual average gross receipts attributable to the retail sale of food or produce, and (3) located in a low-competition area.
The bill also increases
- bonus depreciation percentages for certain property placed into service by a qualified small food retail business,
- the QBI tax deduction for qualified small food retail business,
- the rehabilitation tax credit for qualified rehabilitation expenses incurred by a qualified small food retail business, and
- the WOTC for wages paid by a qualified small food retail business to eligible workers.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: REDUCE Food Prices Act
Also known as: Restoring Establishment Deductions and Uplifting Competition to Ease Food Prices Act
Latest action (Jan 23, 2025): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jan 23, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.