3.0.0 701 2026-03-09T16:56:08Z 2026-03-09T16:56:08Z House H HR 2025-01-23 119 https://www.congress.gov/bill/119th-congress/house-bill/701 [Congressional Record Volume 171, Number 14 (Thursday, January 23, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. SHERRILL:H.R. 701.Congress has the power to enact this legislation pursuantto the following:Clause 18 of Section 8 of Article 1 of the Constitution ofthe United States of America[Page H389]]]> hswm00 Ways and Means Committee House Standing Referred To 2025-01-23T15:08:35Z 2025-01-23 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2025-01-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2025-01-23 Introduced in House IntroReferral 1000 9 Library of Congress S001207 Rep. Sherrill, Mikie [D-NJ-11] Mikie Sherrill D NJ 11 N H001081 Rep. Hayes, Jahana [D-CT-5] Jahana Hayes D CT 5 2025-01-23 True T000488 Rep. Thanedar, Shri [D-MI-13] Shri Thanedar D MI 13 2025-11-12 False Taxation Taxation 2025-03-01T13:10:15Z 00 2025-01-23 Introduced in House 2026-03-09T16:54:14Z 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.
]]> REDUCE Food Prices Act Display Title 45 REDUCE Food Prices Act 2025-02-25T05:23:24Z Short Title(s) as Introduced 101 REDUCE Food Prices Act 2025-02-25T05:23:21Z Introduced in House IH Short Title(s) as Introduced 101 Restoring Establishment Deductions and Uplifting Competition to Ease Food Prices Act 2025-02-25T05:23:21Z Introduced in House IH Official Title as Introduced 6 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. 2025-02-25T05:18:37Z Introduced in House IH Introduced in House 2025-01-23T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119hr701ih/xml/BILLS-119hr701ih.xml 2025-01-23 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.