119th Congress Taxation
H.R. 1298: Veterans Jobs Opportunity Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill allows veteran-owned small businesses in underserved communities to claim a tax credit for qualified start-up expenses in the amount of 15% (up to $50,000) of such expenses. (Conditions and limitations apply.)
Under the bill, a business qualifies for the veteran small business start-up tax credit if it
- is owned and controlled by one or more veterans (or spouses of veterans);
- is located in a Historically Underutilized Business Zone (HUBZone) program area, empowerment zone or enterprise community, an area of low or moderate income, or county with persistent poverty; and
- has gross receipts for the prior tax year of $5 million or less (or employed 50 or fewer full-time employees in the prior tax year).
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The bill generally defines qualified start-up expenses as amounts incurred or paid to
- investigate the creation or acquisition of the business,
- create the business,
- engage in activities for the production of income before the day the business opens, and
- purchase or lease real property (or purchase personal property) for use in the active conduct of a trade or business.
However, under the bill, the veteran small business start-up tax credit is allowed only in the first two tax years for which a business may claim a tax deduction for ordinary and necessary trade or business expenses.
Finally, the bill requires the Treasury Inspector General for Tax Administration to provide an evaluation of the veteran small business start-up tax credit to Congress every four years.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Zachary (Zach) Nunn R-IAOriginal
Who scored on this bill
- 1Donald Davis SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Donald Davis
History
- Introduced in the House by Donald Davis.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Ways and Means.