United States 119th Congress Status: In Committee 3 D cosponsors

HR 701 — REDUCE Food Prices Act

Last action — Referred to the House Committee on Ways and Means.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the House. Introduced January 23, 2025. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the House.

Odds of enactment

Low chance

Based on the sponsor, cosponsors, and committee posture, this bill has a low chance of becoming law.

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A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Stalled 20% · moderate confidence

  • In Committee

    Current position in the legislative process.

  • 3 sponsors

    1 primary, 2 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (3 D).

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

Summary

Restoring Establishment Deductions and Uplifting Competition to Ease Food Prices Act or the REDUCE Food Prices ActThis bill establishes a new tax credit for certain food retail businesses. The bill also increases bonus depreciation, the qualified business income (QBI) tax deduction, the rehabilitation tax credit (also known as the historic preservation tax credit), and the work opportunity tax credit (WOTC) for the businesses.The bill establishes a new tax credit (as part of the general business tax credit) in the amount of 15% of certain capital investments by a qualified small food retail business in the first three years of operation.The bill defines a qualified small food retail business as a private or closely-held company, a partnership, or a sole proprietorship (1) with annual average gross receipts of $200 million or less for the three tax years preceding the current tax year, (2) with at least 70% of its annual average gross receipts attributable to the retail sale of food or produce, and (3) located in a low-competition area.The bill also increasesbonus depreciation percentages for certain property placed into service by a qualified small food retail business,the QBI tax deduction for qualified small food retail business,the rehabilitation tax credit for qualified rehabilitation expenses incurred by a qualified small food retail business, andthe WOTC for wages paid by a qualified small food retail business to eligible workers.

Bill Text

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Ways and Means.

Sponsors

Sponsorship breakdown

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1 sponsors · 2 co-sponsors · 544 not signed on

Sponsors (1)

Co-sponsors (2)

Not signed on (544)

544 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation agriculture
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Frequently asked questions

What does HR 701 do?
Restoring Establishment Deductions and Uplifting Competition to Ease Food Prices Act or the REDUCE Food Prices ActThis bill establishes a new tax credit for certain food retail businesses. The bill also increases bonus depreciation, the qualified business income (QBI) tax deduction, the rehabilitation tax credit (also known as the historic preservation tax credit), and the work opportunity tax credit (WOTC) for the businesses.The bill establishes a new tax credit (as part of the general business tax credit) in the amount of 15% of certain capital investments by a qualified small food retail business in the first three years of operation.The bill defines a qualified small food retail business as a private or closely-held company, a partnership, or a sole proprietorship (1) with annual average gross receipts of $200 million or less for the three tax years preceding the current tax year, (2) with at least 70% of its annual average gross receipts attributable to the retail sale of food or produce, and (3) located in a low-competition area.The bill also increasesbonus depreciation percentages for certain property placed into service by a qualified small food retail business,the QBI tax deduction for qualified small food retail business,the rehabilitation tax credit for qualified rehabilitation expenses incurred by a qualified small food retail business, andthe WOTC for wages paid by a qualified small food retail business to eligible workers.
Who sponsors HR 701?
HR 701 is sponsored by Sherrill, Mikie (Democratic), Hayes, Jahana (Democratic), and Thanedar, Shri (Democratic).
What is the current status of HR 701?
This bill is in committee in the House. Introduced January 23, 2025. It must pass committee before a floor vote.
Where can I track HR 701?
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