Veteran Entrepreneurs Act of 2017
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Nov 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.
What just happenedNov 28, 2017
Referred to the House Committee on Ways and Means.
Who’s behind it
- Introduced in HouseNov 28, 2017
- Nov 28, 2017IntroReferralH11100
Referred to the House Committee on Ways and Means.
Ways and Means Committee - Nov 28, 2017IntroReferralIntro-H
Introduced in House
- Nov 28, 2017IntroReferral1000
Introduced in House