REDUCE Food Prices Act

This bill creates tax breaks for small food stores and grocery businesses. To qualify, businesses must make $200 million or less per year, get at least 70% of their money from selling food, and be located in areas with few competing stores. The main benefit is a new tax credit worth 15% of money spent on equipment and improvements during the first three years of operation. The bill also increases several existing tax benefits for these qualifying food businesses, including deductions for business equipment, business income, building renovations, and hiring certain workers.

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