This past Veteran’s Day we gave thanks to the men and women who have served in the defense our nation and its values. Along with the thanks of the nation, there are several programs offered in the State of Texas that may benefit veterans in business.
For instance, the Texas Comptroller will reinstate its Veteran-Owned Business benefits as of January 1, 2022. Veteran-Owned Businesses formed on or after that date will be exempt from paying the Texas franchise tax for the first five years of their existence. This will save veterans money and could be a sizeable benefit for very profitable businesses.
To qualify as veteran-owned, the business must be owned by natural persons, each of whom is an honorably discharged veteran of a branch of the United States Armed Services. Proof of your veteran status can be obtained by providing a copy of your DD214 to the Texas Veterans Commission.
This benefit was previously in effect from January 1, 2016 through January 1, 2020. Veteran-Owned Businesses formed during that time may qualify for a refund of the filing fee for their Certificate of Formation. More importantly, these businesses may also qualify for the exemption from the Texas franchise tax for their first five years of existence. Again, possibly saving veterans significant money.
These businesses can also qualify to use the Texas Veterans Commission Veteran-Owned Business logo. This is a relatively simple process. Once complete, your business can proudly include the Veteran-Owned Business logo in its branding.
There are several different programs offered in the State of Texas designed to assist newly formed veteran-owned businesses. When forming your business, consult with an experienced business lawyer at Hammerle Finley Law Firm.
Brad Hogan is an attorney with Hammerle Finley Law Firm. He served as a Lieutenant in the United States Navy’s Submarine Service and was the Military Attaché in Yemen overseeing bi-lateral U.S.-Yemen security planning and training of counter-terrorist special forces in support of Operation Enduring Freedom.