119-HR3195

Bill is currently in: House
Path to Law
House Senate President

119th CONGRESS

1st Session

H. R. 3195

1. Inclusion of surviving children in small business concern owned and controlled by service-disabled veterans definition

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.

(2) Surviving child - 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.