A bill to amend the Internal Revenue Code of 1986 to establish a small business start-up tax credit for veterans creating businesses in underserved communities.
Veterans Jobs Opportunity Act
This bill allows a new business-related tax credit for the start-up expenses of a veteran-owned small business in an underserved community.
The allowable amount of such credit is 15% of start-up expenditures that do not exceed $50,000. To be eligible for the credit, the small business must (1) be owned and controlled by one or more veterans or their spouses, and (2) have its principal place of business in an underserved community.
An underserved community is any area located within (1) a HUBZone (as defined by the Small Business Act), (2) an empowerment zone or an enterprise community, (3) an area of low income or moderate income (as recognized by the Federal Financial Institutions Examination Council), or (4) a county with persistent poverty (as classified by the Economic Research Service of the Department of Agriculture).
Referred to the House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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