S.Amdt. 2794

1. 1

   Change 1: Adds SEC. 416. EMPLOYEE PAYROLL TAX HOLIDAY FOR NEWLY HIRED VETERANS at the end of subtitle B of title IV

   Adds a section

   In S. 1982 · Referred to Committee Senate

   (d) Effective Date.--This section shall take effect on the date that is one year after the date of the enactment of this Act.

   Inserted: SEC. 416. EMPLOYEE PAYROLL TAX HOLIDAY FOR NEWLY HIRED VETERANS.

   Inserted: (a) In General.--Subsection (d) of section 3111 of the Internal Revenue Code of 1986 is amended to read as follows:

   Inserted: "(d) Special Exemption for Eligible Veterans Hired During Certain Calendar Quarters.--

   Inserted: "(1) In general.--Subsection (a) shall not apply to 50 percent of the wages paid by the employer with respect to employment during the holiday period of any eligible veteran for services performed--

   Inserted: "(A) in a trade or business of the employer, or

   Inserted: "(B) in the case of an employer exempt from tax under section 501(a), in furtherance of the activities related to the purpose or function constituting the basis of the employer's exemption under such section.

   Inserted: "(2) Holiday period.--For purposes of this subsection, the term 'holiday period' means the period of 4 consecutive calendar quarters beginning with the first day of the first calendar quarter beginning after the date of the enactment of the Comprehensive Veterans Health and Benefits and Military Retirement Pay Restoration Act of 2014 .

   Inserted: "(3) Eligible veteran.--For purposes of this subsection--

   Inserted: "(A) In general.--The term 'eligible veteran' means a veteran who--

   Inserted: "(i) begins work for the employer during the holiday period,

   Inserted: "(ii) was discharged or released from the Armed Forces of the United States under conditions other than dishonorable, and

   Inserted: "(iii) is not an individual described in section 51(i)(1) (applied by substituting 'employer' for 'taxpayer' each place it appears).

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   Inserted: "(B) Veteran.--The term 'veteran' means any individual who--

   Inserted: "(i) has served on active duty (other than active duty for training) in the Armed Forces of the United States for a period of more than 180 days, or has been discharged or released from active duty in the Armed Forces of the United States for a service-connected disability (within the meaning of section 101 of title 38, United States Code),

   Inserted: "(ii) has not served on extended active duty (as such term is used in section 51(d)(3)(B)) in the Armed Forces of the United States on any day during the 60-day period ending on the hiring date, and

   Inserted: "(iii) provides to the employer a copy of the individual's DD Form 214, Certificate of Release or Discharge from Active Duty, that includes the nature and type of discharge.

   Inserted: "(4) Election.--An employer may elect not to have this subsection apply. Such election shall be made in such manner as the Secretary may require.

   Inserted: "(5) Coordination with work opportunity credit.--For coordination with the work opportunity credit, see section 51(3)(D).".

   Inserted: (b) Coordination With Work Opportunity Credit.--

   Inserted: (1) In general.--Paragraph (3) of section 51 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:

   Inserted: "(D) Denial of credit for veterans subject to 50 percent payroll tax holiday.--If section 3111(d)(1) (as amended by the Comprehensive Veterans Health and Benefits and Military Retirement Pay Restoration Act of 2014) applies to any wages paid by an employer, the term 'qualified veteran' does not include any individual who begins work for the employer during the holiday period (as defined in section 3111(d)(2)) unless the employer makes an election not to have section 3111(d) apply.".

   Inserted: (2) Conforming amendment.--Subsection (c) of section 51 of such Code is amended by striking paragraph (5).

   Original wording

   At the end of subtitle B of title IV, add the following:

2. 2

   Change 2: Adds SEC. 446. PERMANENT SBA EXPRESS LOAN GUARANTY FEE WAIVER FOR VETERANS at the end of subtitle E of title IV

   Adds a section

   In S. 1982 · Referred to Committee Senate

   (c) Effective Date.--This section shall take effect on the date that is one year after the date of the enactment of this Act.

   Inserted: SEC. 446. PERMANENT SBA EXPRESS LOAN GUARANTY FEE WAIVER FOR VETERANS.

   Inserted: Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended--

   Inserted: (1) in paragraph (18)(A), by striking "With respect" and inserting "Except as provided in paragraph (31), with respect"; and

   Inserted: (2) in paragraph (31), adding at the end the following:

   Inserted: "(G) Guarantee fee waiver for veterans.--The Administrator may not assess a guarantee fee under paragraph (18) in connection with a loan made under this paragraph to a veteran on or after October 1, 2014.".

   Inserted: SEC. 447. REPORT ON FINANCIAL PLANNING AND COUNSELING FOR OWNERS OF SMALL BUSINESS CONCERNS IN THE NATIONAL GUARD AND RESERVES.

   Inserted: (a) In General.--Not later than 180 days after the date of enactment of this Act, the Administrator of the Small Business Administration shall submit to Congress a report assessing the feasibility of providing financial planning and counseling to owners of small business concerns who are members of a reserve component prior to deployment.

   Inserted: (b) Definitions.--In this section--

   Inserted: (1) the term "reserve component" means a reserve component of the Armed Forces named in section 10101 of title 10, United States Code; and

   Inserted: (2) the term "small business concern" has the meaning given the term under section 3(a) of the Small Business Act (15 U.S.C. 632(a)).

   Inserted: SEC. 448. REPORT ON THE MILITARY RESERVISTS ECONOMIC INJURY DISASTER LOAN PROGRAM.

   Inserted: Not later than 180 days after the date of enactment of this Act, the Administrator of the Small Business Administration shall submit to Congress a report on the Military Reservists Economic Injury Disaster Loan Program (in this section referred to as the "program") authorized under section 7(b)(3) of the Small Business Act (15 U.S.C. 636(b)(3)), which shall include--

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   Inserted: (1) a discussion of the outreach efforts of the Small Business Administration to increase participation in the program;

   Inserted: (2) the number of loans made under the program;

   Inserted: (3) an analysis of the effectiveness of the program; and

   Inserted: (4) recommendations for improving the program.

   Original wording

   At the end of subtitle E of title IV, add the following:

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As printed