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.
Milestones
2 milestones2 actions
Feb 13, 2025House
Referred to the House Committee on Ways and Means.
Feb 13, 2025
Introduced in House
Source Information
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.
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