Increased rehabilitation tax credit for qualified small food retail businesses

(a) In general Section 47 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (e) Special rule for qualified small food retail businesses (1) In general In the case of a qualified rehabilitated building placed in service by a qualified small food retail business, subsection (a)(2) shall be applied by substituting 25 percent for 20 percent. (2) Qualified small food retail business defined (A) In general For purposes of paragraph (1), the term qualified small food retail business means a business— (i) which is described in section 38(c)(5) (determined by applying $200,000,000 for $50,000,000 in such section), (ii) at least 70 percent of the annual average gross receipts of which are attributable to the retail sale of food or produce, and (iii) which is located in a low-competition area. (B) Low-competition area For purposes of subparagraph (A), the term low-competition area means a county with respect to which the Herfindahl-Hirschman Index for the retail food sector, as measured by the Economic Research Service of the United States Department of Agriculture, is at or above a level of 1,400.. (b) Effective date The amendment made by this section shall apply to property placed in service after the date of the enactment of this Act.