S. 5010

119 S5010 IS: New Opportunities for Business Ownership and Self-Sufficiency Act
 U.S. Senate
 2026-07-16
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  2d Session  S. 5010  IN THE SENATE OF THE UNITED STATES   July 16, 2026   Mr. Coons  (for himself,  Mr. Lankford , and  Mr. Husted ) introduced the following bill; which was read twice and referred to the  Committee on Finance    A BILL
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   or the   NO BOSS 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 the Internal Revenue Code of 1986, 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)
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 section, 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 section.
(d)
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 section.
(e)
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.