Bill > HR1298

This bill establishes a new tax credit for veterans creating small businesses in underserved communities. Specifically, the bill provides a tax credit equal to 15 percent of qualified start-up expenditures, up to $50,000, for veteran-owned businesses meeting certain criteria. An "applicable veteran-owned small business" must be owned and controlled by one or more veterans or veteran spouses, with its principal place of business located in an underserved community. Underserved communities are defined as areas within HUBZones, empowerment zones, low-income or moderate-income areas, or counties with persistent poverty. To qualify, the business must be a small business with gross receipts under $5 million or fewer than 50 full-time employees. The credit can only be claimed for the first two taxable years of the business, and the taxpayer must elect to take the credit. The bill requires the Treasury Inspector General for Tax Administration to evaluate the credit's effectiveness every four years, providing accountability and oversight for this veteran entrepreneurship initiative.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/1298/all-info