New Opportunities for Business Ownership and Self-Sufficiency Act

Floor Speech

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Mr. CAREY. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 6431) to amend the Internal Revenue Code of 1986 to modify the rules governing the State administration of self-employment assistance programs, as amended.

The Clerk read the title of the bill.

The text of the bill is as follows: H.R. 6431

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; and''.

(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.

(g) Issuance of Guidance.--The Secretary of Labor shall provide guidance to State workforce agencies that includes--

(1) a model list of self-employment assistance activities that fulfill requirements of the program under section 3306(t) of the Internal Revenue Code of 1986; and

(2) best practices for verification of completion of such activities.

Mr. Speaker, I rise today to speak in support of my bill, which is H.R. 6431, the New Opportunities for Business Ownership and Self- Sufficiency Act, also known as the NO BOSS Act.

This bill is a product of bipartisan work across the aisle, and I thank my dear friend and colleague from Cincinnati, Representative Greg Landsman, for co-leading this legislation with me.

The NO BOSS Act makes small tweaks to the Self-Employment Assistance, or SEA, Program to support unemployed workers who decide to create their own next jobs.

The SEA Program is voluntary for all States. It allows qualified unemployment insurance claimants to collect an allowance to support their efforts to establish a business in lieu of regular unemployment compensation.

Small businesses are the backbone of our Nation's economy. For many Americans, owning their own business is the embodiment of the American Dream. The NO BOSS Act supports these pursuits by increasing the percentage of individuals who can participate in the SEA Program from 5 percent to 10 percent. It also eliminates the requirement that a participant must be likely to exhaust their unemployment compensation benefits in order to qualify.

Entrepreneurship should not be a last resort for those who are unable to find any other form of employment. Rather, self-employment should be encouraged and, indeed, practiced. These two changes expand the eligibility and the opportunity to participate in the SEA Program for more unemployment insurance claimants.

Finally, the NO BOSS Act strengthens the SEA Program by requiring States to certify participation in the self-employment assistance activities weekly and adding new participation activities.

Currently, self-employment activities include entrepreneurial training, business consulting, and technical assistance. This bill adds submitting a business plan or market feasibility study for approval by the State to that list.

In January, the NO BOSS Act passed out of the Ways and Means Committee unanimously by a vote of 41-0. It is important to get this bill signed into law because the SEA Program is underutilized. The bill is a great example of how government can support, enable, and foster more entrepreneurship in a meaningful way.

Entrepreneurship empowers Americans from all backgrounds at all stages of their professional careers. New businesses create jobs for members of their communities and strengthen our economy. The NO BOSS Act is pro-small business and pro-self-starter.

Mr. Speaker, I thank Leader Scalise, Chairman Jason Smith, and Ranking Member Neal for their support in advancing this legislation. I encourage all of the Members to vote ``yes'' on this bipartisan, commonsense legislation, and I yield back the balance of my time.

Mr. Speaker, what better way to put more Americans back to work than to foster and encourage entrepreneurial spirit.

Mr. Speaker, I encourage my colleagues to support the legislation, and I yield back the balance of my time.

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