Tax Credit for Veterans Starting Businesses in Underserved Communities.
This Act establishes a new tax credit for veterans and their spouses who start small businesses in designated underserved communities. Eligible citizens can claim a credit equal to 15% of qualified start-up expenditures, capped at $50,000, aiming to boost veteran entrepreneurship and revitalize these areas. The credit applies to expenses incurred during the first two taxable years of the business.
Key points
New Tax Credit: Veterans and their spouses can deduct 15% of small business start-up costs, up to a maximum of $50,000.
Focus on Underserved Areas: The credit is only available for businesses primarily located in low-income areas, HUBZones, or other designated underserved communities.
Small Business Definition: The business must have gross receipts under $5 million or employ fewer than 50 full-time employees.
Qualified Expenses: Includes general start-up costs, plus the purchase or lease of real property and the purchase of personal property used in the active business.
Status:
Expired
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