HR 5685
111th Congress
House
Taxation
Business investment and capital
Food industry and services
Fruit and vegetables
Income tax credits
Retail and wholesale trades
Wages and earnings
To amend the Internal Revenue Code of 1986 to provide tax incentives for the establishment of supermarkets in certain underserved areas.
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 1, 2010
Referred to the House Committee on Ways and Means.
Jul 1, 2010
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to: (1) increase the rate of the rehabilitation tax credit for a supermarket building placed in service after December 31, 2010, and before January 1, 2013, in an underserved area (i.e., any enterprise community or empowerment zone and any renewal community); (2) increase by $1,000 the amount of wages paid to an employee of a supermarket in an underserved area that is eligible for the work opportunity tax credit; and (3) allow a business-related tax credit for 15% of the gross receipts from the retail sale of locally grown fresh fruits and vegetables in a supermarket in an underserved area.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1