House Advances Tax Credit For Veterans

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The Vermont House is expected to pass legislation that would set up a $2,000 tax credit for recently deployed veterans starting businesses in Vermont.

Backers of the measure, which gained preliminary House approval Thursday, say it’s aimed at giving a leg up to Vermonters returning from Iraq and Afghanistan trying to start new businesses in Vermont.

In order to receive the credit, the business has to be started before the end of next year and must show a profit in its first year.

A tax credit is different from a tax deduction because it’s subtracted from an individual’s tax bill, rather than from the income on which the tax will be paid.

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