WASHINGTON, D.C. – Today, U.S. Senator Jacky Rosen (D-NV) introduced S. 2100, the bipartisan Veterans Jobs Opportunity Act, legislation that would create a small business startup tax credit to help veterans who establish small businesses in underserved communities. Senators Jerry Moran (R-KS), Kevin Cramer (R-ND), and Doug Jones (D-AL) joined her in introducing the bill. In the U.S. House of Representatives, Rep. Al Lawson (D-FL) introduced companion legislation.
“We owe it to our veterans to provide assistance in making the transition into the civilian workforce,” said Senator Rosen. “This bill will assist our heroes by providing a tax credit to those who open up a small business in underserved communities in Nevada and all across our country. I will continue to support commonsense legislation that provides our veteran communities with the resources needed to pursue their American dream when they return home.”
“Providing veteran entrepreneurs with greater support to start small businesses will stimulate their local economies while injecting their sense of service into their communities,” said Senator Moran. “Veteran-owned small businesses play a vital role in our society, and with this legislation, underserved communities will benefit from the entrepreneurial spirit of our nation’s heroes.”
“6,500 veterans own businesses in North Dakota,” said Senator Cramer. “The Veterans Jobs Opportunity Act incentivizes those who gave their all to invest in the betterment of communities that need it most.”
“Men and women who have served in our nation’s armed forces deserve more than just our thanks. Supporting our troops means giving them the tools they need to be successful when they transition out of uniform and into civilian life,” said Senator Jones. “This bipartisan legislation will help veterans who want to continue their service in a new way by starting small businesses in underserved communities.”
“I have remained committed in ensuring our nation’s veterans receive access to the resources they rightfully deserve, including employment opportunities, job training programs, access to health care, education benefits, and affordable housing options," said Representative Lawson. "America's brave men and women in uniform should be able to count on the full and unwavering support of their government. This bill will guarantee that we give a boost to veterans who come home and build up their communities through entrepreneurship.”
BACKGROUND: There are roughly 2.5 million veteran-owned small businesses in the United States representing approximately 9.1 percent of all U.S. businesses, with an estimated $1 trillion in revenue. According to the U.S. Census Bureau, in Nevada, 1 in 8 small businesses are veteran-owned, with over 23,000 veteran-owned small businesses helping to create jobs and stimulate the economy.
This bipartisan legislation would provide veterans starting a small business with a 15% tax credit on the first $50,000 of their small business’s startup costs.
Earlier this year, Senator Rosen introduced her bipartisan Hire Student Veterans Act (S. 537), legislation to expand the existing Work Opportunity Tax Credit (WOTC) to ensure that all student veterans using their GI benefits can take advantage of valuable paid internships or work opportunities while in school.