Veterans Jobs Opportunity Act establishes a tax credit for veterans starting businesses in underserved communities.
The Veterans Jobs Opportunity Act amends the Internal Revenue Code to create a tax credit for veterans or their spouses who start small businesses in underserved communities. The credit is equal to 15% of qualified start-up expenditures up to $50,000. The credit applies to businesses in HUBZones, empowerment zones, low-income areas, or counties with persistent poverty. The credit is part of the general business credit and can only be claimed for the first two taxable years of business operations.
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