engaged in a trade or business in the United States if— (A) the gross receipts of such person for the preceding taxable year did not exceed $5,000,000, or (B) in the case of a person to which subparagraph (A) does not apply, such person employed not more than 100 full-time employees during the preceding taxable year. For purposes of subparagraph (B), an employee shall be considered full-time if such employee is employed at least 30 hours per week for 20 or more calendar weeks in the taxable year. (c) Qualified start-Up expenditures For purposes of this section— (1) In general The term qualified start-up expenditures means— (A) any start-up expenditures (as defined in section 195(c)), or (B) any amounts paid or incurred during the taxable year for the purchase or lease of real property, or the purchase of personal property, placed in service during the taxable year and used in the active conduct of a trade or business. (d) Special rules For purposes of this section— (1) Year of election The taxpayer may elect the application of this section only for the first 2 taxable years for which ordinary and necessary expenses paid or incurred in carrying on such trade or business are allowable as a deduction by the taxpayer under section 162. (2) Controlled groups and common control All persons treated as a single employer under subsections (a) and (b) of section 52 shall be treated as 1 person. (3) No double benefit If a credit is determined under this section with respect to any property, the basis of such property shall be reduced by the amount of the credit attributable to such property. . (b) Clerical amendment The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by adding at the end the following new item: Sec. 45S. Veteran small business start-up credit. . (c) Made part of general business credit Section 38(b) of such Code is amended by striking plus at the end of paragraph (35), by striking the period at the end of paragraph (36) and inserting , plus , and by adding at