H.R.4473 - Veteran Entrepreneurs Act of 2017115th Congress (2017-2018) |
|Sponsor:||Rep. Tenney, Claudia [R-NY-22] (Introduced 11/28/2017)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 11/28/2017 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.4473 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (11/28/2017)
Veteran Entrepreneurs Act of 2017
This bill amends the Internal Revenue Code to allow 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.