Veterans Jobs Opportunity Act

The Veterans Jobs Opportunity Act creates a new federal tax credit for veterans starting small businesses. It provides a 15% credit on the first $50,000 in qualified startup costs (like equipment, rent, or business expenses) for businesses owned and controlled by veterans or their spouses that operate in underserved communities (such as HUBZones, poverty-designated areas, or enterprise communities). To qualify, businesses must meet size limits (under $5 million in annual revenue or 50 full-time employees) and be in an eligible community. The credit applies only to the first two years of business operations and requires taxpayers to elect it.