Safer American Family Enterprise Retail Act of 2024 or the SAFE Retail Act of 2024
This bill allows small business retailers a tax credit through 2029 for certain retail theft prevention expenditures. The amount of the credit is 50% of such expenditures as exceeds $250 but does not exceed $5,000. Such expenditures include the cost of conducting employee security training and background checks, limiting and preventing access to the personal property to be sold at retail by the business operator, installing security lighting, cameras, recording equipment, and intrusion detection sensors, and implementing a site security plan.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7821 Introduced in House (IH)]
<DOC>
118th CONGRESS
2d Session
H. R. 7821
To amend the Internal Revenue Code of 1986 to provide for a tax credit
with respect to fighting retail crime, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 26, 2024
Mr. Gallego introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide for a tax credit
with respect to fighting retail crime, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Safer American Family Enterprise
Retail Act of 2024'' or the ``SAFE Retail Act of 2024''.
SEC. 2. RETAIL THEFT PREVENTION CREDIT FOR SMALL RETAIL BUSINESSES.
(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:
``SEC. 45BB. RETAIL THEFT PREVENTION CREDIT FOR SMALL RETAIL
BUSINESSES.
``(a) In General.--For purposes of section 38, in the case of any
eligible small retail business operator, the retail theft prevention
credit determined under this section for any taxable year is an amount
equal to 50 percent of so much of the eligible expenditures for the
taxable year as exceeds $250 but does not exceed $5,000.
``(b) Limitation.--The credit determined under subsection (a) with
respect to the taxpayer for any taxable year shall not exceed the
excess (if any) of $2,500 over the aggregate credits allowed under this
section with respect to the taxpayer for all prior taxable years.
``(c) Eligible Small Retail Business Operator.--For purposes of
this section, the term `eligible small retail business operator' means
a person that is--
``(1) not an applicable large employer (as defined in
section 4980H(c)), and
``(2) engaged in the trade or business of selling tangible
personal property at retail from an office, store, or any other
physical location open to the public.
``(d) Eligible Expenditures.--
``(1) In general.--For purposes of this section, the term
`eligible expenditures' means, with respect to any eligible
small retail business operator for any taxable year, amounts
paid or incurred by such operator during such taxable year
for--
``(A) conducting employee security training and
background checks,
``(B) limiting and preventing access to the
personal property to be sold at retail in the
possession of the operator,
``(C) acquiring non-lethal devices used to deter,
prevent, or mitigate against the theft of such personal
property,
``(D) protecting any facility in which the operator
stores such personal property,
``(E) installing security lighting, cameras,
recording equipment, and intrusion detection sensors,
``(F) conducting a security vulnerability
assessment,
``(G) implementing a site security plan, or
``(H) taking such other measures for the prevention
of theft of such personal property as the Secretary may
by regulation prescribe.
``(2) Purpose requirement.--Amounts described in paragraph
(1) shall be taken into account only to the extent that such
amounts are paid or incurred for the purpose of deterring,
preventing, or mitigating against the loss of personal property
to be sold by the eligible small retail business operator at
retail.
``(e) Aggregation Rule.--All persons treated as a single employer
under subsection (b), (c), (m), or (o) of section 414 shall be treated
as one person for purposes of this section.
``(f) Regulations.--The Secretary may prescribe such regulations as
may be necessary or appropriate to carry out the purposes of this
section, including regulations to specify the non-lethal devices
described in subsection (d)(1)(C).
``(g) Termination.--This section shall not apply with respect to
any amounts paid or incurred after December 31, 2029.''.
(b) No Double Benefit.--Section 280C of such Code is amended by
adding at the end the following new subsection:
``(i) Credit for Retail Theft Prevention for Small Businesses.--No
deduction shall be allowed for that portion of the expenses otherwise
allowable as a deduction taken into account in determining the amount
of credit under section 45BB for the taxable year.''.
(c) Credit Allowed as Part of General Business Credit.--Section
38(b) of such Code is amended in paragraph (40) by striking ``plus'',
in paragraph (41) by striking the period and inserting ``, plus'', and
by adding at the end the following new paragraph:
``(42) in the case of an eligible small retail business
operator (as defined in section 45BB(c)), the retail theft
prevention credit determined under section 45BB(a).''.
(d) Clerical Amendment.--The table of sections for subpart D of
part IV of subchapter A of chapter 1 of such Code is amended by adding
at the end the following new item:
``Sec. 45BB. Retail theft prevention credit for small retail
businesses.''.
(e) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line