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Tax Credit for Veterans Starting Small Businesses in Underserved Communities.

This bill establishes a new tax credit for veterans and their spouses who start small businesses in economically underserved communities. Citizens can claim 15% of qualified start-up expenditures, up to a maximum of $50,000, directly supporting job creation and economic development in these areas. This provides a tangible financial benefit to veteran entrepreneurs, helping them cover costs like real estate purchases, equipment, and other initial business expenses.
Key points
New Tax Credit: Veterans or their spouses starting a small business can claim 15% of qualified start-up expenditures (up to $50,000).
Focus on Underserved Areas: The credit applies only if the business's principal place of operation is located in an underserved community (e.g., HUBZones, low-income areas).
Small Business Definition: A qualifying business must have gross receipts under $5 million or employ fewer than 50 full-time employees.
Qualified Expenses: These include general start-up costs, as well as the purchase or lease of real property and equipment used in the active business.
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Additional Information
Print number: 118_HR_3084
Sponsor: Rep. Davis, Donald G. [D-NC-1]
Process start date: 2023-05-05
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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 118_HR_3084.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-05-05.

What are the main provisions?

Key points include:

  • New Tax Credit: Veterans or their spouses starting a small business can claim 15% of qualified start-up expenditures (up to $50,000).
  • Focus on Underserved Areas: The credit applies only if the business's principal place of operation is located in an underserved community (e.g., HUBZones, low-income areas).
  • Small Business Definition: A qualifying business must have gross receipts under $5 million or employ fewer than 50 full-time employees.
  • Qualified Expenses: These include general start-up costs, as well as the purchase or lease of real property and equipment used in the active business.
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 Rep. Davis, Donald G. [D-NC-1].

What is the latest detailed status?

The latest detailed status is: Sponsor introductory remarks on measure. (CR H2588)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

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