Veteran Entrepreneurs Act of 2019
- Last Action
- 1/10/2019
Actions
- 2019-01-10Referred to the House Committee on Ways and Means.
- 2019-01-10Introduced in House
- 2019-01-10Introduced in House
CRS Summary
As of 2019-01-10 (00)
Veteran Entrepreneurs Act of 2019
This bill allows a business-related tax credit of up to $400,000 for 25% 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.
Cosponsors (20)
- Jackie Walorski (R-IN)
- Vicente Gonzalez (D-TX)
- Harley Rouda (D-CA)
- Josh Harder (D-CA)
- Seth Moulton (D-MA)
- Grace Meng (D-NY)
- Anthony Brindisi (D-NY)
- Derek Kilmer (D-WA)
- Debbie Wasserman Schultz (D-FL)
- PETER DEFAZIO (D-OR)
- Paul Cook (R-CA)
- Steve Watkins (R-KS)
- W. Steube (R-FL)
- SANFORD BISHOP (D-GA)
- Brian Mast (R-FL)
- James Baird (R-IN)
- Roger Marshall (R-KS)
- Suzanne Bonamici (D-OR)
- Earl Carter (R-GA)
- ALCEE HASTINGS (D-FL)
Subjects
- Government information and archives
- Income tax credits
- Retail and wholesale trades
- Small business
- User charges and fees
- Veterans' education, employment, rehabilitation
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.