1. Short title This Act may be cited as the Veterans Jobs Opportunity Act . 2. Veteran small business start-up credit (a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45BB. Veteran small business start-up credit (a) In general For purposes of section 38, the veteran small business start-up credit determined under this section for any taxable year is an amount equal to 15 percent of so much of the qualified start-up expenditures paid or incurred by the taxpayer during such taxable year with respect to an applicable veteran-owned business as does not exceed $50,000. (b) Definitions For purposes of this section— (1) Applicable veteran-owned small business The term applicable veteran-owned small business means a small business— (A) owned and controlled by 1 or more veterans or spouses of veterans, and (B) the principal place of business of which is in an underserved community. (2) Ownership and control The term owned and controlled means— (A) with respect to any of the individuals described in paragraph (1)(A), that the conduct of any trade or business of the small business is not a passive activity (as defined in section 469(c)), and (B) with respect to the small business— (i) such small business is a sole proprietorship, (ii) if such small business is a corporation, ownership (by vote or value) by the individuals described in paragraph (1)(A) of greater than 50 percent of the stock in such corporation, or (iii) if such small business is a partnership, ownership by the individuals described in paragraph (1)(A) of greater than 50 percent of the profits interests or capital interests in such partnership. (3) Qualified start-up expenditures The term qualified start-up expenditures means— (A) any start-up expenditures (as defined in section 195(c)), and (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