New Opportunities for Business Ownership and Self-Sufficiency Act, the official text

119 HR 6431 : New Opportunities for Business Ownership and Self-Sufficiency Act
U.S. House of Representatives
2026-04-28
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IIB 119th CONGRESS 2d Session H. R. 6431 IN THE SENATE OF THE UNITED STATES April 28, 2026 Received; read twice and referred to the Committee on Finance
AN ACT To amend the Internal Revenue Code of 1986 to modify the rules governing the State administration of self-employment assistance programs. 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
(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.
Passed the House of Representatives April 27, 2026. Kevin F. McCumber, Clerk.