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A bill to amend the Internal Revenue Code of 1986 to allow credits for the establishment of franchises by veterans.

USA115th CongressS-2950| Senate 
| Updated: 5/24/2018
Robert P. Casey

Robert P. Casey

Democratic Senator

Pennsylvania

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Veteran Entrepreneurs Act of 201 8 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.
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Timeline
May 24, 2018
Introduced in Senate
May 24, 2018
Read twice and referred to the Committee on Finance.
  • May 24, 2018
    Introduced in Senate


  • May 24, 2018
    Read twice and referred to the Committee on Finance.

Taxation

Related Bills

  • HR 115-4473: To amend the Internal Revenue Code of 1986 to allow tax credits to veterans for the establishment of franchises.
Government information and archivesIncome tax creditsRetail and wholesale tradesSmall businessUser charges and feesVeterans' education, employment, rehabilitation

A bill to amend the Internal Revenue Code of 1986 to allow credits for the establishment of franchises by veterans.

USA115th CongressS-2950| Senate 
| Updated: 5/24/2018
Veteran Entrepreneurs Act of 201 8 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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
May 24, 2018
Introduced in Senate
May 24, 2018
Read twice and referred to the Committee on Finance.
  • May 24, 2018
    Introduced in Senate


  • May 24, 2018
    Read twice and referred to the Committee on Finance.
Robert P. Casey

Robert P. Casey

Democratic Senator

Pennsylvania

Finance Committee

Taxation

Related Bills

  • HR 115-4473: To amend the Internal Revenue Code of 1986 to allow tax credits to veterans for the establishment of franchises.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Government information and archivesIncome tax creditsRetail and wholesale tradesSmall businessUser charges and feesVeterans' education, employment, rehabilitation