Safer American Family Enterprise Retail Act of 2024

To amend the Internal Revenue Code of 1986 to provide for a tax credit with respect to fighting retail crime, and for other purposes. 1. Short title This Act may be cited as the Safer American Family Enterprise Retail Act of 2024 SAFE Retail Act of 2024 2. Retail theft prevention credit for small retail businesses (a) In general Subpart D of part IV of subchapter A of chapter 1 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 (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 (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 , plus (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.

Summary: Safer American Family Enterprise Retail Act of 2024 or the SAFE Retail Act of 2024This 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.