Veterans Jobs Opportunity Act

Senate Bill 2812 - Veterans Jobs Opportunity Act: Overview, Status, and Impact

Hozzl · 2022-12-30T11:48:14Z

Explore the details of Senate Bill 2812 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.

12/30/2022, 11:48 AM

Congressional Summary of S 2812

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 S 2812

Bill S 2812 is currently in the status of Bill Introduced since September 23, 2021. Bill S 2812 was introduced during Congress 117 and was introduced to the Senate on September 23, 2021. Bill S 2812's most recent activity was Read twice and referred to the Committee on Finance. as of September 23, 2021

Bipartisan Support of Bill S 2812

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 2812

Primary Policy Focus

Taxation

Potential Impact Areas

- Business investment and capital

- Economic development

- Income tax credits

- Poverty and welfare assistance

- Small business

- Veterans' education, employment, rehabilitation

Alternate Title(s) of Bill S 2812

Veterans Jobs Opportunity Act

A bill 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 Act