HR 3195
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.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill amends the Small Business Act to broaden the definition of a ‘small business concern owned and controlled by service-disabled veterans’ to include surviving children. Specifically, if a service-disabled veteran dies and their small business is no longer primarily owned by a service-disabled veteran, their surviving children can acquire the veteran’s ownership stake, provided they do so within three years of the veteran’s death. The bill also defines ‘surviving child’ as a biological or legally adopted child.
Key provisions
- Expands the definition of ‘small business concern owned and controlled by service-disabled veterans’.
- Allows surviving children to acquire ownership interest in a veteran-owned small business.
- Establishes a three-year timeframe for surviving children to acquire ownership.
- Defines ‘surviving child’ as a biological or legally adopted child.
- Relates to the Small Business Act database (section 36).
Who is affected
- Service-disabled veterans
- Surviving children of service-disabled veterans
- Small business owners
- Small businesses
- Veterans Affairs
Notable changes
- Previously, a small business owned by a service-disabled veteran would cease to qualify if the veteran died and the ownership was no longer primarily held by a service-disabled veteran.
- This bill creates an exception allowing surviving children to maintain ownership under certain conditions.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Mike D. Rogers
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119th CONGRESS — 1st Session
H. R. 3195
IN THE HOUSE OF REPRESENTATIVES
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.
Section 3(q) of the Small Business Act (15 U.S.C. 632(q)) is amended—
in paragraph (2), by adding at the end the following new subparagraph:
a surviving child of the deceased veteran acquires such veteran’s ownership interest in such concern; and
the date that is 3 years after the date of the veteran’s death.
by adding at the end the following new paragraph:
surviving childmeans a biological or legally adopted child of a service-disabled veteran.