summary
Introduced
07/11/2019
07/11/2019
In Committee
07/11/2019
07/11/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to establish a small business start-up tax credit for veterans creating businesses in underserved communities. This bill allows a new business-related tax credit for 15% of the start-up expenditures, up to a maximum of $50,000 in a taxable year, of a veteran-owned small business. The business must be owned and controlled by one or more veterans or their spouses and have its principal place of business in an underserved community. The bill defines "underserved community" as any area located within a HUBZone, an empowerment zone or enterprise community, an area of low or moderate income, or a county with persistent poverty.
AI Summary
This bill establishes a small business start-up tax credit for veterans who create businesses in underserved communities. The credit is equal to 15% of the qualified start-up expenditures, up to a maximum of $50,000 per taxable year. To qualify, the business must be owned and controlled by one or more veterans or their spouses, and the principal place of business must be located in an underserved community, which is defined as an area within a HUBZone, an empowerment zone or enterprise community, an area of low or moderate income, or a county with persistent poverty. The credit can be claimed for the first two taxable years the business is operating.
Committee Categories
Budget and Finance
Sponsors (5)
Last Action
Read twice and referred to the Committee on Finance. (on 07/11/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/2100/all-info | 07/12/2019 |
| BillText | https://www.congress.gov/116/bills/s2100/BILLS-116s2100is.pdf | 07/20/2019 |
| Bill | https://www.congress.gov/116/bills/s2100/BILLS-116s2100is.pdf.pdf | 07/20/2019 |
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