United States military veterans who start a small business in America’s underserved communities would get a tax credit under a new bipartisan bill proposed in Congress.
Specifically, the Veterans Jobs Opportunity Act, S. 4856, which U.S. Sens. Jerry Moran (R-KS) and Jacky Rosen (D-NV) introduced on July 30, would create a new startup tax credit to provide veterans who are starting a small business with a 15 percent tax credit on the first $50,000 of startup costs.
“By offering enhanced support to veteran entrepreneurs, we can bolster local economies and channel their work ethic into their communities,” said Sen. Moran, ranking member of the U.S. Senate Veterans’ Affairs Committee.
“Veteran-owned small businesses play an important role in rural communities, underserved areas, and society,” he added, “and this legislation will allow our nation’s heroes to encourage those around them and uplift communities across the country.”
The bill has been referred to the U.S. Senate Finance Committee for consideration.
“Our nation’s service members deserve all of our support as they transition to civilian life,” Rosen said. “I’m proud to introduce this bipartisan bill to provide Nevada veterans with a tax credit on start-up costs as they start small businesses in underserved communities and create jobs.”