New Opportunities for Business Ownership and Self-Sufficiency Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 6431 Referred in Senate (RFS)] <DOC> 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. 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