Us Congress House Bill HB9930

Us Congress 2023-2024 Regular Session

• Introduced: 10/4/24
• Refer: 10/4/24

Caption

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.

Impact

The bill recognizes the contributions and sacrifices made by veterans by allowing their children to assume ownership of family businesses without losing the benefits earmarked for service-disabled veterans. This inclusion can significantly impact the viability of these small businesses, as surviving children can maintain control and continue the entrepreneurial legacies of their parents, thereby supporting local economies and preserving jobs within the community.

Summary

House Bill 9930 seeks to amend the Small Business Act by expanding the definition of small business concerns owned and controlled by service-disabled veterans to include their surviving children. This amendment is intended to ensure that the businesses that were predominantly owned by service-disabled veterans can continue to operate under their family’s stewardship, particularly in cases where the veteran's death would normally disrupt the ownership structure as defined by federal law.

Contention

While the bill may generally be seen as beneficial, it may also raise discussions around the qualifications for what constitutes a surviving child, especially in the context of biological versus legally adopted relationships. This aspect may lead to debates concerning eligibility and the interpretation of family dynamics as they pertain to business ownership under the Small Business Act. Additionally, some may question the financial implications and potential strain on resources allocated for veteran assistance as the definition expands.