[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8605 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 8605

    To amend the Internal Revenue Code of 1986 to modify the rules 
   governing the State administration of self-employment assistance 
                               programs.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 4, 2024

Mr. Carey (for himself and Mr. Landsman) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to modify the rules 
   governing the State administration of self-employment assistance 
                               programs.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``New Opportunities for Business 
Ownership and Self-Sufficiency Act''.

SEC. 2. MODIFICATION OF RULES GOVERNING STATE ADMINISTRATION OF SELF-
              EMPLOYMENT ASSISTANCE PROGRAMS.

    (a) Elimination of Requirement That Participants Are Likely To 
Exhaust Regular Unemployment Compensation.--Section 3306(t)(3) of the 
Internal Revenue Code of 1986 is amended by striking subparagraph (B) 
and by redesignating subparagraphs (C) and (D) as subparagraphs (B) and 
(C), respectively.
    (b) Modification of Requirement To Participate in Self-Employment 
Assistance Activities.--Section 3306(t)(3)(B) of such Code, as 
redesignated by subsection (a), is amended to read as follows:
                    ``(B) are participating in self-employment 
                assistance activities which are approved by the State 
                agency and either--
                            ``(i) include entrepreneurial training, 
                        business counseling, and technical assistance; 
                        or
                            ``(ii) are performed pursuant to a business 
                        plan and market feasibility study submitted by 
                        the individual and approved by the State or an 
                        agency designated by the State.''.
    (c) Weekly Certification Requirement.--Section 3306(t)(3)(C) of 
such Code, as redesignated by subsection (a), is amended by inserting 
``and are certifying such activities on at least a weekly basis to an 
agency designated by the State'' before the semicolon at the end.
    (d) Adjustment of Limitation on Number of Individuals 
Participating.--Section 3306(t)(4) of such Code is amended by striking 
``5'' and inserting ``10''.
    (e) Effective Date.--The amendments made by this section shall 
apply beginning on the date that is 2 years after the date of enactment 
of this Act, except that nothing in this section shall be interpreted 
to prevent a State from amending its law before the end of the 2-year 
period beginning on the date of the enactment of this Act.
    (f) Issuance of Regulations.--The Secretary of Labor shall, after 
public notice and comment and subject to approval by the Office of 
Management and Budget, adopt regulations to administer this Act.
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