# Plain Language Summary: SAFE Retail Act of 2024

This bill creates a tax credit to help small retail stores pay for security measures to fight theft. If you own a small retail business like a grocery store, pharmacy, clothing shop, or other store that sells physical products to customers, you could get money back on your taxes for spending on anti-theft measures. Specifically, the government would give you back 50 percent of what you spend on eligible security expenses, starting after the amount exceeds $250 per year, up to a maximum credit of $2,500 total over the life of the program.

The bill covers a wide range of security-related expenses that small retailers commonly face. You could use this tax credit to pay for things like employee security training and background checks, security cameras and recording equipment, security lighting, alarm systems, locked display cases or other ways to limit access to merchandise, security assessments of your store, or other anti-theft devices and measures. The key requirement is that the money must be spent specifically to prevent or reduce theft of the products you sell.

To qualify, your business must be a small retail operation that's not considered a "large employer" under existing tax law, and you must sell physical products directly to customers from a physical location like a store or office. The credit is available through the end of 2029, so businesses have about five years to take advantage of it. One important detail: you can't claim both the tax credit and a regular tax deduction for the same security expenses—you have to choose one or the other to avoid getting a double benefit.

SAFE Retail Act of 2024

Gallego, Ruben

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.&nbsp; &nbsp;&nbsp;