Bill > S4856

This bill establishes a small business start-up tax credit for veterans creating businesses in underserved communities. The key provisions include: 1. A credit equal to 15% of up to $50,000 in qualified start-up expenditures for "applicable veteran-owned small businesses" - those owned and controlled by veterans or their spouses with a principal place of business in an underserved community. 2. Definitions for "underserved community" (e.g. HUBZone, low-/moderate-income area, or county with persistent poverty) and "owned and controlled" (not a passive activity). 3. Restrictions, such as the credit only applying to the first 2 taxable years, and a requirement for the IRS to verify eligibility in consultation with the Small Business Administration. 4. Inclusion of the credit as part of the general business credit and a requirement for the Treasury Inspector General to evaluate the credit every 4 years. The overall goal is to provide tax incentives for veterans to start small businesses in economically disadvantaged areas.

Budget and Finance

https://www.congress.gov/bill/118th-congress/senate-bill/4856/all-info