Increased bonus depreciation for qualified small food retail businesses

(a) In general Section 168(k) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (10) Special rule for qualified small food retail businesses (A) Increased applicable percentage for property placed in service by qualified small food retail businesses In the case of property placed in service by a taxpayer that is a qualified small food retail business (as defined in section 47(e)(2)(A)), paragraph (6) shall be applied— (i) in subparagraph (A)— (I) by substituting 70 percent for 60 percent each place it appears, (II) by substituting 50 percent for 40 percent each place it appears, and (III) by substituting 30 percent for 20 percent each place it appears, and (ii) in subparagraph (B)— (I) by substituting 70 percent for 60 percent each place it appears, (II) by substituting 50 percent for 40 percent each place it appears, and (III) by substituting 30 percent for 20 percent each place it appears. (B) Increased applicable percentage for plants bearing fruits and nuts planted or grafted by qualified small food retail businesses In the case of plants bearing fruits and nuts planted or grafted by a taxpayer that is a qualified small food retail business (as defined in section 47(e)(2)(A)), paragraph (6)(C) shall be applied— (i) by substituting 70 percent for 60 percent each place it appears, (ii) by substituting 50 percent for 40 percent each place it appears, and (iii) by substituting 30 percent for 20 percent each place it appears.. (b) Effective date The amendments made by this section shall apply to property placed in service, or plants planted or grafted, after the date of the enactment of this Act.