HR 1298 119th Congress
Veterans Jobs Opportunity Act
To amend the Internal Revenue Code of 1986 to establish a small business start-up tax credit for veterans creating businesses in underserved communities.
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Introduction Congress.gov
Introduced
Introduced in the House.
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Referred to the House Committee on Ways and Means.
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Introduced in House
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Introduced in House
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Introduced in House
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| Date and time | Record | Official detail | Source |
|---|---|---|---|
| IntroductionIntroduced | Introduced in the House. | Congress.gov | |
| Official actionReferred to the House Committee on Ways and Means. | No additional detail supplied.IntroReferral · House floor actions · Code H11100 | Congress.gov | |
| Official actionIntroduced in House | No additional detail supplied.IntroReferral · Library of Congress · Code Intro-H | Congress.gov | |
| Official actionIntroduced in House | No additional detail supplied.IntroReferral · Library of Congress · Code 1000 | Congress.gov | |
| Text versionIntroduced in House | A dated text-version record is available. | Congress.gov |
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Congressional Research Service
CRS summary
Veterans Jobs Opportunity ActThis 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 itis 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; andhas 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).The bill generally defines qualified start-up expenses as amounts incurred or paid toinvestigate the creation or acquisition of the business,create the business,engage in activities for the production of income before the day the business opens, andpurchase 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.
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Text versions
- Introduced in HouseFeb 13, 2025