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Tax Credit

A direct reduction in the amount of tax owed. Unlike a deduction, which reduces taxable income, a credit directly lowers the tax bill dollar-for-dollar.

Underserved Community

A geographic area that lacks adequate access to certain resources, often characterized by economic disadvantage. This bill defines it to include specific federal designations like HUBZones, empowerment zones, or areas with low-to-moderate income or persistent poverty.

Veteran-Owned Small Business

A small business that is at least 51% owned and actively controlled by one or more veterans or their spouses, as defined by existing small business law.

Start-up Expenditures

Costs incurred before a business begins active operation. These can include expenses for investigating and creating the business, like market research, legal fees, or training costs, as well as the purchase or lease of property for the business.

Internal Revenue Code (IRC)

The main body of federal tax law in the United States, administered by the Internal Revenue Service (IRS).

HUBZone

Historically Underutilized Business Zone; a program that helps small businesses in urban and rural communities gain preferential access to federal contracts.