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HR 5920 117th Congress House Taxation

Veteran Entrepreneurs Act of 2021

Introduced: November 9, 2021 Introduced by: Brownley, Julia Democratic · California See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 9, 2021
Referred to the House Committee on Ways and Means.
Nov 9, 2021
Introduced in House
 Plain-English summary Congressional Research Service

Veteran Entrepreneurs Act of 2021

This bill allows a business-related tax credit of 25% of up to $400,000 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 9, 2021

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1