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Tax credit for veterans starting businesses in underserved communities.

This act introduces a new tax credit for veterans and their spouses who establish small businesses in low-income or high-unemployment areas. The goal is to foster economic development in these regions and create new jobs. This makes it easier for veterans to start their own ventures, while local communities gain new services and opportunities.
Key points
Veterans and their spouses can receive a tax credit of up to 15% of initial business expenses, capped at $50,000.
The credit applies to businesses established in "underserved communities," areas needing economic support.
Businesses must be small (revenue up to $5 million or up to 50 employees) and actively managed by the veteran or spouse.
The credit aims to encourage job creation and business growth in less affluent regions of the country.
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Additional Information
Print number: 117_S_2812
Sponsor: Sen. Rosen, Jacky [D-NV]
Process start date: 2021-09-23
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Veterans Jobs Opportunity Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2812.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-09-23.

What are the main provisions?

Key points include:

  • Veterans and their spouses can receive a tax credit of up to 15% of initial business expenses, capped at $50,000.
  • The credit applies to businesses established in "underserved communities," areas needing economic support.
  • Businesses must be small (revenue up to $5 million or up to 50 employees) and actively managed by the veteran or spouse.
  • The credit aims to encourage job creation and business growth in less affluent regions of the country.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Rosen, Jacky [D-NV].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Labor Economy