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Texas Tax Code - TAX § 171.0005. Definition of New Veteran-Owned Business

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A taxable entity is a new veteran-owned business only if the taxable entity is a new business in which each owner is a natural person who:

(1) served in and was honorably discharged from a branch of the United States armed forces; and

(2) provides verification to the comptroller of the person's service and discharge required by Subdivision (1).

(b) The Texas Veterans Commission shall provide to a person who meets the requirements of Subsection (a)(1) written verification of that status in a form required by the comptroller. The comptroller shall adopt rules prescribing the form and content of the verification and the manner in which the verification may be provided to the comptroller.

(c) For purposes of Subsection (a), a new business is a taxable entity that:

(1) is chartered or organized or otherwise formed in this state; and

(2) first begins doing business in this state on or after January 1, 2022.

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Cite this article: FindLaw.com - Texas Tax Code - TAX § 171.0005. Definition of New Veteran-Owned Business - last updated January 01, 2024 | https://codes.findlaw.com/tx/tax-code/tax-sect-171-0005/

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