Sen. Moran Introduces Bipartisan Legislation to Assist Veterans in Starting Small Businesses in Underserved Communities
Jul 15 2019
WASHINGTON – U.S. Senators Jerry Moran (R-Kan.) and Jacky Rosen (D-Nev.) 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. Original cosponsors of the bill include U.S. Senators Kevin Cramer (R-N.D.) and Doug Jones (D-Ala.). In the U.S. House of Representatives, Rep. Al Lawson (D-Fla.) introduced companion legislation.
“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 Sen. 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.”
“We owe it to our veterans to provide assistance in making the transition into the civilian workforce,” said Sen. 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.”
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. This bipartisan legislation would provide veterans starting a small business with a 15 percent tax credit on the first $50,000 of their small business’s startup costs.
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