Ahead Of Veterans Day, Congresswoman Adams Announces New Legislation to Help Veterans Become Small Business Owners
Greensboro, NC – Ahead of Veterans Day, Congresswoman Alma S. Adams (NC-12), a member of the House Small Business Committee, today announced the introduction of new legislation aimed at helping more veterans become small business owners. The Veteran’s Small Business Tax Credit Act of 2015 would provide a tax credit of up to $12,000 for veteran-owned businesses during their first two years of operation.
“Our veterans put their lives on the line to protect our nation and we owe it to them to ensure they have the resources they need to thrive when they return home,” said Congresswoman Adams. “The Veterans Small Business Tax Credit Act is aimed at helping our veterans become entrepreneurs by relieving some of the financial burdens associated with starting a business.”
The Veterans Small Business Tax Credit Act of 2015 would provide a tax credit for veteran small business owners that could be claimed for the purchase or lease of property, equipment, and materials. The maximum credit is $12,000 and could only be claimed for start-up expenses incurred during the first two years of operation.
There are nearly 800,000 veterans in North Carolina and more than 37,000 veterans live in North Carolina’s 12th Congressional District. In October, Congresswoman Adams hosted a round table with veteran small business owners to hear the challenges in starting, running and growing a small business. Congresswoman Adams is a member of the House Small Business Committee and Ranking member for the Small Business Subcommittee on Oversight and Investigations.
This legislation is co-sponsored by House Small Business Committee Ranking Member Nydia Velasquez (NY-7) as well as Reps. Robin Kelly (IL-2), Brenda Lawrence (MI-14), Donald Payne (NJ-10), Judy Chu (CA-27) and Seth Moulton (MA-6).
A one pager for the Veterans Small Business Tax Credit Act of 2015 is attached. Veterans Small Business Tax Credit Act of 2015 One Pager.pdf