U.S. Senators Jerry Moran (R-Kan.) and Jacky Rosen (D-Nev.) have introduced a bipartisan bill aimed at reducing taxes for veterans who establish small businesses in underserved communities. The proposed Veterans Jobs Opportunity Act would provide a 15 percent tax credit on the first $50,000 of startup costs for veterans starting a small business.
"By offering support to veteran entrepreneurs, we can help bolster local economies and help veterans channel the military work ethic into creating new businesses," said Senator Moran. "Veteran-owned small businesses play an important role in rural communities and underserved areas, and this legislation will empower veterans to start their own businesses while benefiting the communities they invest in."
Senator Rosen added, "Our veterans deserve to have every resource available as they transition into civilian life. I’m proud to work across the aisle to cut taxes for Nevada veterans who start small businesses in our state and create jobs. As long as I’m in the Senate, I’ll continue working to ensure our veterans have all of the resources they need."
The legislation seeks to encourage entrepreneurship among veterans while supporting economic development in rural and underserved regions.
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