A small business start-up tax credit would be established for United States military veterans who create businesses in underserved communities under a bipartisan bill cosponsored on July 24 by U.S. Sen. Jerry Moran (R-KS).
“Veteran-owned small businesses play an important role in rural communities and underserved areas,” Sen. Moran said, “and this legislation will empower veterans to start their own businesses while benefiting the communities they invest in.”
Sen. Moran introduced the Veterans Jobs Opportunity Act, S. 2443, with bill sponsor U.S. Sen. Jacky Rosen (D-NV) to create new tax credits that would provide veterans who are starting a small business with a 15-percent tax credit on the first $50,000 of the startup costs, according to a bill summary provided by the lawmakers.
“By offering support to veteran entrepreneurs, we can help bolster local economies and help veterans channel the military work ethic into creating new businesses,” added Sen. Moran.
The bill has been referred for consideration to the U.S. Senate Finance Committee.
“Our veterans deserve to have every resource available as they transition into civilian life,” said Sen. Rosen. “I’m proud to work across the aisle to cut taxes for Nevada veterans who start small businesses in our state and create jobs.”