S.2950 - Veteran Entrepreneurs Act of 2018115th Congress (2017-2018)
|Sponsor:||Sen. Casey, Robert P., Jr. [D-PA] (Introduced 05/24/2018)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 05/24/2018 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.2950 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (05/24/2018)
Veteran Entrepreneurs Act of 2018
This bill amends the Internal Revenue Code to allow a business-related tax credit of up to $100,000 for 25% of the franchise fees paid or incurred by a 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 of the capital or profits interest of the franchisee.
The veteran may elect to transfer the credit to a 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.