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To amend the Small Business Act to include surviving children in the definition of small business concern owned and controlled by service-disabled veterans, and for other purposes.
To amend the Small Business Act to include surviving children in the definition of small business concern owned and controlled by service- disabled veterans, and for other purposes.
Summary
- Amends Section 3(q) of the Small Business Act to add a provision for businesses owned by service-disabled veterans that are no longer majority-owned by such veterans after the owner's death.
- Allows a small business concern to keep its status as a small business owned and controlled by service-disabled veterans if a surviving child of the deceased veteran acquires the veteran's ownership interest, provided the business was listed in the database described in Section 36 immediately before the death.
- Sets the period for this treatment as beginning on the date of the veteran's death and ending on the earlier of the date the surviving child relinquishes the ownership interest or three years after the death.
- Defines "surviving child" as a biological or legally adopted child of a service-disabled veteran.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
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![Rep. Moore, Barry [R-AL-1]](https://media.civicgate.org/people/d/politicians/M001212.thumb.jpg)
Rep. Moore, Barry (R-AL) [#1]
4 cosponsors
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![Rep. Ellzey, Jake [R-TX-6]](https://media.civicgate.org/people/d/politicians/E000071.thumb.jpg)
Rep. Ellzey, Jake (R-TX) [#6] -
![Rep. Figures, Shomari [D-AL-2]](https://media.civicgate.org/people/d/politicians/F000481.thumb.jpg)
Rep. Figures, Shomari (D-AL) [#2] -
![Rep. Rogers, Mike D. [R-AL-3]](https://media.civicgate.org/people/d/politicians/R000575.thumb.jpg)
Rep. Rogers, Mike D. (R-AL) [#3] -
![Rep. Sewell, Terri A. [D-AL-7]](https://media.civicgate.org/people/d/politicians/S001185.thumb.jpg)
Rep. Sewell, Terri A. (D-AL) [#7]
Actions (2)
- May 5, 2025 Referred to the House Committee on Small Business. · house
- May 5, 2025 Introduced in House
Full text
IN THE HOUSE OF REPRESENTATIVES
May 5, 2025
Mr. Moore of Alabama (for himself, Mr. Ellzey, and Ms. Sewell) introduced the following bill; which was referred to the Committee on Small Business
A BILL
To amend the Small Business Act to include surviving children in the definition of small business concern owned and controlled by service- disabled veterans, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. INCLUSION OF SURVIVING CHILDREN IN SMALL BUSINESS CONCERN OWNED AND CONTROLLED BY SERVICE-DISABLED VETERANS DEFINITION.
Section 3(q) of the Small Business Act (15 U.S.C. 632(q)) is amended—
(1) in paragraph (2), by adding at the end the following new subparagraph:
“(D)(i) During the time period described in clause
(ii), a small business concern that was a small business concern described in subparagraph (A) or (B) immediately prior to the death of a service-disabled veteran who was the owner of the concern, the death of whom causes the concern to be less than 51 percent owned by one or more service-disabled veterans, if—
“(I) a surviving child of the deceased veteran acquires such veteran’s ownership interest in such concern; and
“(II) immediately prior to the death of such veteran and during the period described in clause (ii), the small business concern is included in the database described in section 36.
“(ii) The time period described in this clause is the time period beginning on the date of the veteran’s death and ending on the earlier of—
“(I) the date on which the surviving child relinquishes an ownership interest in the small business concern; or
“(II) the date that is 3 years after the date of the veteran’s death.”; and
(2) by adding at the end the following new paragraph:
“(8) Surviving child.—The term ‘surviving child’ means a biological or legally adopted child of a service-disabled veteran.”. <all>
Text versions (1)
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