Bipartisan Legislation Aims to Cut Taxes for Veteran Entrepreneurs

U.S. Senators Jerry Moran and Jacky Rosen have introduced the bipartisan Veterans Jobs Opportunity Act, aiming to provide tax credits to veterans starting small businesses in underserved communities. The legislation would offer a 15 percent tax credit on the first $50,000 of startup costs, empowering veterans to invest in their communities and create jobs. The senators believe that this support will help bolster local economies and help veterans leverage their military work ethic to start new businesses.

Key Takeaways:

• The bipartisan Veterans Jobs Opportunity Act aims to provide tax credits to veterans starting small businesses in underserved communities.
• The legislation would offer a 15 percent tax credit on the first $50,000 of startup costs, totaling $7,500 per business.
• Veterans-owned small businesses play a significant role in rural communities and underserved areas, with this legislation aiming to empower them to start and grow their businesses.
• Senator Jerry Moran believes that the legislation will help bolster local economies and help veterans channel their military work ethic into creating new businesses.
• Senator Jacky Rosen stated that veterans deserve to have every resource available as they transition into civilian life and that she will continue working to ensure they have all the resources they need.

Statistics:

• 15 percent tax credit on the first $50,000 of startup costs, totaling $7,500 per business.
• Veterans Jobs Opportunity Act aims to support veterans starting small businesses in underserved communities.
• Number of veterans who start small businesses in rural communities and underserved areas: not specified.
• Total amount of tax credits available through the legislation: not specified.

Sources:

• Sen. Moran, R-Kansas, news release, July 29
• Full text of the legislation can be found HERE.