The Veterans Jobs Opportunity Act creates a new federal tax credit to help veterans and military spouses start small businesses in economically disadvantaged areas. Under the bill, eligible veteran-owned businesses can claim a tax credit equal to 15 percent of their start-up costs, up to a maximum of $50,000 in qualified expenses, during their first two years of operation. To qualify, a business must be majority-owned and actively controlled by a veteran or military spouse, located in an underserved community (such as a HUBZone or low-income area), and meet small business size standards of no more than $5 million in annual revenue or 50 full-time employees. The bill takes effect for tax years beginning after its enactment and requires the Treasury Inspector General to evaluate the credit's effectiveness every four years to ensure accountability and measure its impact on veteran entrepreneurship.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.