New food retail business tax credit

(a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45BB. New food retail business credit (a) In general For purposes of section 38, in the case of a new small food retail business, the new food retail business credit under this section for the taxable year is an amount equal to 15 percent of qualified investment amounts paid or incurred during the taxable year. (b) Definitions For purposes of this section— (1) New food retail business The term new food retail business means a qualified small food retail business (as defined in section 47(e)(2)(A)) which began operations during the previous three taxable years. (2) Qualified investment amounts The term qualified investment amounts means amounts paid for capital investment in the property, facilities, or equipment of a business premises used for retail sales of the new food retail business.. (b) Credit part of general business credit Section 38(b) of the Internal Revenue Code of 1986 is amended by striking plus at the end of paragraph (40), by striking the period at the end of paragraph (41) and inserting, plus, and by adding at the end the following new paragraph: (42) the new food retail business credit determined under section 45BB(a).. (c) Clerical amendment The table of sections for subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item: Sec. 45BB. New food retail business credit.. (d) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.