HR 4473 115th Congress House Taxation Government information and archives Income tax credits Retail and wholesale trades Small business User charges and fees Veterans' education, employment, rehabilitation

Veteran Entrepreneurs Act of 2017

Introduced: November 28, 2017 Introduced by: Tenney, Claudia Republican · New York See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Nov 28, 2017

Referred to the House Committee on Ways and Means.

Nov 28, 2017

Introduced in House

Plain-English summary Congressional Research Service

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.

What's happening now November 28, 2017

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1