Bicameral Bill Would Deliver New Tax Credit to Help Veterans Starting Small Businesses in Underserved Communities With Startup Costs
WASHINGTON, D.C. – Today, U.S. Senators Jacky Rosen (D-NV) and Jerry Moran (R-KS) re-introduced their bipartisan Veterans Jobs Opportunity Act to create a new startup tax credit to help veterans who establish small businesses in underserved communities. This commonsense bill would provide veterans starting a small business with a 15% tax credit on the first $50,000 of the startup costs. Congressman Al Lawson (D-FL) has introduced companion legislation in the U.S. House of Representatives.
“As our veterans transition back into the civilian workforce, we owe it to them to provide the resources and support they need to succeed,” said Senator Rosen. “This bipartisan bill would deliver tax cuts to America’s heroes working to overcome startup challenges to launch their own small businesses, and it would help create jobs and revitalize underserved communities in Nevada and across the country in the process.”
“Supporting veteran-owned small businesses bolsters local economies across the country and the communities that benefit from these initiatives,” said Senator Moran. “These businesses enhance our national economy, and this bill would provide a commonsense solution to provide our nation’s heroes with greater support to pursue their entrepreneurial goals following their military service while also benefiting the communities they return home to.”
“One of my priorities in Congress is working to ensure our veterans are getting the help they deserve - from job training, to access to health care and education benefits, to finding affordable housing,” said Representative Lawson. “Our brave men and women who have fought for our freedom deserve to be taken care of when they return home. This bill aims to help encourage veterans to pursue their dream of starting a small business in our communities around the nation.”
“Using their precision and eye for organization and processes, veterans can offer a unique perspective and be an important component of the small business community,” said John Arensmeyer, Founder & CEO of Small Business Majority. “However, entrepreneurship is often thwarted by barriers to access to capital, relationships, and other resources veterans need to launch a business successfully. We are proud to support the introduction of the 'Veterans Jobs Opportunity Act' that will provide veterans with critical opportunities like a 15% tax credit they can leverage to effectively start a business and inspire other veteran entrepreneurs to build a diverse small business ecosystem.”
BACKGROUND: There are roughly 1.76 million veteran-owned small businesses in the United States representing approximately 5.8 percent of all U.S. businesses, with an estimated $1 trillion in revenue. According to the U.S. Census Bureau, in Nevada, 1 in 15 small businesses are veteran-owned, with over 18,000 veteran-owned small businesses helping to create jobs and stimulate the economy.