Following Memorial Day, Congresswoman Adams Announces New Legislation to Help Veterans Become Small Business Owners
Charlotte, NC –Following Memorial Day, Congresswoman Alma S. Adams (NC-12), Vice-Ranking 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 2017 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 helps our veterans become entrepreneurs by relieving some of the financial burdens associated with starting a business.”
"The veterans small business tax Credit Act of 2017 empowers veteran entrepreneurs, and as a veteran small business owner myself, I know that many issues in the veteran community stem from financial difficulty, and this legislation elevates the veteran entrepreneur by incentivizing success,” said Christopher Neiweem, Director of VetsFirst. “Rep. Adams is stepping up big time by introducing this legislation and VetsFirst is proud to endorse the bill and knows it will create a more economically sound environment for veterans pursuing their dreams in private industry.”
The Veterans Small Business Tax Credit Act of 2017 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 36,190 veterans live in North Carolina’s 12th Congressional District. Last year, 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 the Vice-Ranking 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-07) as well as Reps. Donald Payne (NJ-10), Al Lawson (FL-05), Mark Takano (CA-41), Grace Meng (NY-06), and Carol Shea-Porter NH-01). This legislation is also supported by The American Legion, Paralyzed Veterans of America, VetsFirst, and AMVETS.
A one pager for the Veterans Small Business Tax Credit Act of 2017 is attached.