Grocery Affordability Act establishes tax credit for grocery stores in food deserts.

The Grocery Affordability Act amends the Internal Revenue Code to establish a tax credit for grocery stores located in food deserts. This credit applies to qualified grocery stores placed in service during a taxable year, offering 30% of the store's basis as a credit. For qualified renovation areas, the credit is 30% of the renovation expenditures. The credit is limited to $500,000 per taxpayer per year.

Grocery Affordability Act establishes tax credit for grocery stores in food deserts.

The Grocery Affordability Act amends the Internal Revenue Code to establish a tax credit for grocery stores located in food deserts. This credit applies to qualified grocery stores placed in service during a taxable year, offering 30% of the store's basis as a credit. For qualified renovation areas, the credit is 30% of the renovation expenditures. The credit is limited to $500,000 per taxpayer per year.