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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.
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Additional Information
Print number: 118_S_4856
Sponsor: Sen. Rosen, Jacky [D-NV]
Process start date: 2024-07-30
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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_S_4856.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-07-30.

What are the main provisions?

Key points include:

  • 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.
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 2025-12-26.

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