Congress·In Committee·H.R. 1298

Veterans: Small Business Start-Up Tax Credit

Veterans Jobs Opportunity Act

⏸

Stalled

No legislative action in over 90 days.

Legislative Progress

House

Senate

President

Law

This bill would create a new tax credit to help veterans and their spouses start small businesses in neighborhoods that need more jobs and investment.
To qualify, a veteran or their spouse must own more than half of the business, and the company must have less than $5 million in yearly sales or fewer than 50 employees.
The credit covers 15% of the money spent to get the business running—like buying equipment or renting a building—up to a total of $50,000 in spending, meaning a maximum tax break of $7,500.
The business must be located in an "underserved community," which includes low-income neighborhoods, rural areas with high poverty, or specific zones designated by the government for economic help.
Business owners can claim this tax break during their first two years of operation to help them manage the high costs of starting a new company.

2 milestones2 actions

Feb 13, 2025House

Referred to the House Committee on Ways and Means.

Feb 13, 2025

Introduced in House

1 bill

Veterans Jobs Opportunity Act

Jul 24 — Read twice and referred to the Committee on Finance.

Document Type

Congressional Bill

Official Title

Veterans Jobs Opportunity Act

Bill NumberHR 1298

Congress119th Congress

ChamberHouse of Representatives

Latest ActionReferred to the House Committee on Ways and Means.

(1)

R: 1

Congress.gov

Official legislative information

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