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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Supermarket Tax Credit for
Underserved Areas Act''.

SEC. 2. TAX INCENTIVES FOR ESTABLISHMENT OF SUPERMARKETS IN CERTAIN
UNDERSERVED AREAS.

(a) In General.--Subchapter Y of chapter 1 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new part:

''PART IV--TAX INCENTIVES FOR SUPERMARKETS IN UNDERSERVED AREAS

''Sec. 1400V-1. Increased rehabilitation credit.
''Sec. 1400V-2. Increased work opportunity tax credit.
''Sec. 1400V-3. Credit for sales of locally grown fresh fruits and
vegetables.
''Sec. 1400V-4. Definitions.

''SEC. 1400V-1. INCREASED REHABILITATION CREDIT.

''(a) In General.--In the case of a qualified rehabilitated
building (as defined in section 47) which is an underserved area
supermarket, subsection (a) of section 47 shall be applied--
''(1) by substituting '12 percent' for '10 percent' in
paragraph (1), and
''(2) by substituting '24 percent' for '20 percent' in
paragraph (2).
''(b) Underserved Area Supermarket.--For purposes of subsection
(a), a qualified rehabilitated building shall be treated as meeting the
requirements of subparagraphs (A), (B), (C), and (D) of section 1400V-
4(a)(2) if it is reasonable to believe that such building will meet
such requirements as of the close of the taxable year in which such
building is placed in service.
''(c) Termination.--Subsection (a) shall only apply to buildings
placed in service after December 31, 2011, and before January 1, 2014.

''SEC. 1400V-2. INCREASED WORK OPPORTUNITY TAX CREDIT.

''(a) In General.--In the case of an individual employed in the
trade or business of operating a new underserved area supermarket, the
limitation otherwise in effect under paragraph (3) of section 51(b)
with respect to such individual shall be increased by $1,000.
''(b) Termination.--Subsection (a) shall only apply to wages paid
in taxable years beginning after December 31, 2011, and before January
1, 2017.

''SEC. 1400V-3. CREDIT FOR SALES OF LOCALLY GROWN FRESH FRUITS AND
VEGETABLES.

''(a) In General.--For purposes of section 38, the underserved area
supermarket fruit and vegetable credit determined under this section
for the taxable year is 15 percent of the gross receipts from the
retail sale of locally grown fresh fruits and vegetables in the trade
or business of operating a new underserved area supermarket.
''(b) Termination.--Subsection (a) shall only apply to taxable
years beginning after December 31, 2012, and before January 1, 2017.

''SEC. 1400V-4. DEFINITIONS.

''For purposes of this part--
''(1) Underserved area supermarket.--The term 'underserved
area supermarket' means any supermarket located in an
underserved area.
''(2) New underserved area supermarket.--The term 'new
underserved area supermarket' means any underserved area
supermarket which--
''(A) is placed in service after December 31, 2011,
and
''(B) was not a supermarket at any time during the
3-year period ending on the date such underserved area
supermarket is placed in service.
''(3) Supermarket.--The term 'supermarket' means any
building if--
''(A) not less than 12,000 square feet and not more
than 80,000 square feet of such building is used for
selling items at retail,
''(B) at least 7 percent of the square feet of such
building which is used for selling items at retail is
used for selling produce, meat, fish, deli, and dairy
items,
''(C) gross sales of items sold at retail from such
building exceed $2,000,000 annually, and
''(D) at least 7 percent of such gross sales are
attributable to sales of produce, meat, fish, deli, and
dairy items.
''(4) Underserved area.--The term 'underserved area'
means--
''(A) any enterprise community or empowerment zone
with a designation in effect under section 1391, and
''(B) any renewal community with respect to which a
designation was in effect under section 1400E on
December 31, 2009.''.
(b) Credit To Be Part of General Business Credit.--Subsection (b)
of section 38 of such Code (relating to general business credit) is
amended by striking ''plus'' at the end of paragraph (35), by striking
the period at the end of paragraph (36) and inserting '', plus'', and
by adding at the end the following new paragraph:
''(37) the underserved area supermarket fruit and vegetable
credit determined under section 1400V-3.''.
(c) Clerical Amendment.--The table of parts for subchapter Y of
chapter 1 of such Code is amended by adding at the end the following
new item:

''Part IV. Tax Incentives for Supermarkets in Underserved Areas''.
Output:
Supermarket Tax Credit for Underserved Areas Act - 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, 2011, and before January 1, 2014, in an underserved area (i.e., any enterprise community or empowerment zone and any renewal community); (2) increase by $1,000 the the limit on wages eligible for the work opportunity tax credit for employees of a supermarket located in an underserved area; 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.