Veterans Jobs Opportunity Act

Hozzl · 2022-12-31T08:58:58Z

Explore the details of House Bill 5354 Veterans Jobs Opportunity Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/31/2022, 8:58 AM

Summary of Bill HR 5354

The Veterans Jobs Opportunity Act, also known as Bill 117 hr 5354, is a piece of legislation introduced in the US Congress with the aim of providing more job opportunities for veterans. The bill focuses on several key areas to help veterans transition into civilian employment.

One of the main provisions of the bill is the establishment of a program that would provide grants to organizations that offer job training and placement services specifically for veterans. These grants would help these organizations expand their services and reach more veterans in need of assistance.

Additionally, the bill includes measures to incentivize businesses to hire veterans by offering tax credits to employers who hire and retain veterans in their workforce. This is aimed at encouraging more companies to consider veterans for job openings and help reduce the unemployment rate among veterans. Furthermore, the bill also includes provisions to improve access to education and training programs for veterans, as well as support for veterans who are starting their own businesses. These measures are designed to help veterans acquire the skills and resources they need to succeed in the civilian workforce. Overall, the Veterans Jobs Opportunity Act is a comprehensive piece of legislation that aims to support veterans in their transition to civilian employment by providing job training, incentives for employers, and access to education and resources. It is an important step towards ensuring that veterans have the opportunities they deserve after serving their country.

Congressional Summary of HR 5354

Veterans Jobs Opportunity Act

This bill allows a new business-related tax credit for the start-up expenses of a veteran-owned small business in an underserved community.

The allowable amount of such credit is 15% of start-up expenditures that do not exceed $50,000. To be eligible for the credit, the small business must (1) be owned and controlled by one or more veterans or their spouses, and (2) have its principal place of business in an underserved community.

An underserved community is any area located within (1) a HUBZone (as defined by the Small Business Act), (2) an empowerment zone or an enterprise community, (3) an area of low income or moderate income (as recognized by the Federal Financial Institutions Examination Council), or (4) a county with persistent poverty (as classified by the Economic Research Service of the Department of Agriculture).

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Current Status of Bill HR 5354

Bill HR 5354 is currently in the status of Bill Introduced since September 23, 2021. Bill HR 5354 was introduced during Congress 117 and was introduced to the House on September 23, 2021. Bill HR 5354's most recent activity was Referred to the House Committee on Ways and Means. as of September 23, 2021

Bipartisan Support of Bill HR 5354

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 5354

Primary Policy Focus

Taxation

Potential Impact Areas

Business investment and capitalEconomic developmentIncome tax creditsPoverty and welfare assistanceSmall businessVeterans' education, employment, rehabilitation

Alternate Title(s) of Bill HR 5354

To amend the Internal Revenue Code of 1986 to establish a small business start-up tax credit for veterans creating businesses in underserved communities.Veterans Jobs Opportunity ActVeterans Jobs Opportunity Act

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