New Opportunities for Business Ownership and Self-Sufficiency Act in plain language
1: Short title
This section would let the Act be officially called the New Opportunities for Business Ownership and Self-Sufficiency Act.
Show official text
1. Short title This Act may be cited as the New Opportunities for Business Ownership and Self-Sufficiency Act .
2: Modification of rules governing State administration of self-employment assistance programs
This section would change the part of the Internal Revenue Code that sets the rules states must follow to run self-employment assistance programs for unemployed workers. It would remove the existing requirement that a participant be likely to exhaust their regular unemployment compensation, and it would renumber the remaining requirements in that list to fill the resulting gap, so that what had been the third requirement becomes the second and what had been the fourth requirement becomes the third. The requirement that becomes the second one in the list would then be rewritten so that a participant must be taking part in self-employment assistance activities approved by the State agency, and those activities must either include entrepreneurial training, business counseling, and technical assistance, or be carried out under a business plan and market feasibility study that the participant submits and that the State, or an agency the State designates, approves. The requirement that becomes the third one in the list would also be changed to add that the participant must certify these activities at least once a week to an agency designated by the State. Separately, this section would raise, from 5 to 10, the number used in the limitation on how many individuals may participate in the program. These changes would take effect starting on the date that is 2 years after this Act becomes law, except that a State would still be allowed to amend its own law before the end of that 2-year period. Finally, the Secretary of Labor would have to adopt regulations to administer this Act, after public notice and comment and subject to approval by the Office of Management and Budget.
Show official text
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.