(AP) — Military veterans who own more than half of a new business would not have to pay filing fees to the Secretary of State's office under a bill that cleared the state House of Representatives on Tuesday.
The bill sponsored by Democratic State Rep. Jody Richards of Bowling Green would apply to any business formed after Aug. 1 where military veterans own at least 51 percent of the company. Veterans would be exempt from paying filing fees with the Secretary of State's office. The bill would also exempt annual reporting fees for the first four years.
The bill applies to veterans of the U.S. armed services, including the reserves and the National Guard who have been honorably discharged. The bill now heads to the state Senate.
The legislation is House Bill 367.