WS Chronicle

In above photo: Congresswoman Alma Adams for the 12th District of North Carolina. (File Photo)

Special to The Chronicle

GREENSBORO – U.S. Rep.  Alma S. Adams (NC-12), a member of the House Small Business Committee, on Monday announced that she has helped to introduce legislation aimed at helping more veterans become small business owners. 

The Veteran’s Small Business Tax Credit Act of 2015 would provide a tax credit of up to $12,000 for veteran-owned businesses during their first two years of operation.

“Our veterans put their lives on the line to protect our nation and we owe it to them to ensure they have the resources they need to thrive when they return home,” Adams said. “The Veterans Small Business Tax Credit Act is aimed at helping our veterans become entrepreneurs by relieving some of the financial burdens associated with starting a business.”

The Veterans Small Business Tax Credit Act of 2015 would provide a tax credit for veteran small business owners that could be claimed for purchasing or leasing property, equipment and materials. The maximum credit is $12,000 and could only be claimed for start-up expenses incurred during the first two years of operation.

There are nearly 800,000 veterans in North Carolina and more than 37,000 veterans live in North Carolina’s 12th Congressional District.

This legislation is co-sponsored by House Small Business Committee Ranking Member Nydia Velasquez (NY-7) as well as Reps. Robin Kelly (IL-2), Brenda Lawrence (MI-14), Donald Payne (NJ-10), Judy Chu (CA-27) and Seth Moulton (MA-6).

Summary of the Veterans Small Business Tax Credit Act of 2015

*This legislation establishes a tax credit for qualified start-up business expenses for a veteran-owned small business.

*The credit would apply to 15 percent of the first $80,000 of a firm’s qualified start-up expenditures incurred during the first two years of operation.

*The maximum tax credit is $12,000.

*Expenditures would have to be for the qualified start-up expenses incurred after Dec. 31, 2016.

*The credit could be claimed for the purchase or lease of business.

*The spouse or surviving spouse of a veteran is permitted to claim the credit.

*Double counting of benefits available through other provisions in the tax code is prohibited.