Veterans Jobs Opportunity Act

Key Points

• 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.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.