Veterans Jobs Opportunity Act

The Veterans Jobs Opportunity Act creates a tax credit for veterans or their spouses starting small businesses in underserved communities. It allows eligible businesses to claim a 15% credit on up to $50,000 of qualifying start-up costs (like equipment or lease payments) during their first two years of operation. To qualify, the business must be owned and controlled by a veteran or spouse, located in an underserved area (such as a HUBZone or persistent poverty county), and meet small business size limits (under $5 million in annual revenue or 50 employees). The credit is claimed as part of the general business credit, requires taxpayer election, and the Treasury must evaluate its effectiveness every four years.