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Veteran Entrepreneurs Act of 2023
12/15/2023, 3:57 PM
Summary of Bill HR 3214
One key provision of the bill is the establishment of a grant program that would provide funding to veteran-owned businesses to help them get off the ground. This funding could be used for a variety of purposes, such as purchasing equipment, hiring employees, or marketing their products or services.
Additionally, the bill aims to streamline the process for veterans to access small business loans and other financial assistance. This would make it easier for veterans to secure the funding they need to start and grow their businesses. Another important aspect of the Veteran Entrepreneurs Act is the creation of a mentorship program. This program would pair veteran entrepreneurs with experienced business owners who can provide guidance and support as they navigate the challenges of starting a new venture. Overall, the goal of this legislation is to empower veterans to achieve economic success through entrepreneurship. By providing them with the resources and support they need to start and grow their own businesses, the Veteran Entrepreneurs Act aims to help veterans transition successfully into civilian life and contribute to the economy in a meaningful way.
Congressional Summary of HR 3214
Veteran Entrepreneurs Act of 2023
This bill allows a business-related tax credit of 25% of up to $400,000 of the franchise fees paid or incurred by an eligible veteran for the purchase of a franchise. The bill reduces the amount of such credit if the veteran does not own 100% of the stock or capital or profits interest of the franchisee.
An eligible veteran is a person who served in the active military, naval, or air service; was discharged or released under conditions other than dishonorable; and who pays or incurs a franchise fee in connection with a franchise agreement with a franchisor.
The veteran may elect to transfer the credit to an eligible franchisor in exchange for a discount in the franchise fee commensurate with the value of the credit.
The Small Business Administration and the Department of Veterans Affairs must provide information about the tax credit allowed by this bill to veterans service organizations and veteran advocacy groups.
