IFA Applauds Bipartisan Legislation to Boost Franchise Small Business Ownership Opportunities for Veterans
The International Franchise Association today applauded Rep. Bill Flores (R-Texas) for introducing bipartisan legislation that would help qualified veterans invest in their own franchise small business. The Veterans Entrepreneurs Act of 2013 (HR3725) would create a tax credit for veterans and their spouses who purchase a franchise up to 25 percent of the total initial franchise fee, capped at $100,000. The bill is co-sponsored by Rep. Mark Takano (D-CA), Rep. Paul Cook (D-CA), Rep. Mike Coffman (R-CO), Rep. Jon Runyan (R-NJ), Rep. Dina Titus (D-NV), Rep. Richard Hanna (R-NY) and Rep. Brad Schneider (D-Ill).
"The Veterans Entrepreneurs Act of 2013 will provide expanded opportunities for America's service men and women to achieve their dream of small business ownership through franchising," said IFA President & CEO Steve Caldeira. "We encourage members of Congress to advance this bill to improve opportunities for veterans to go into business for themselves, but not by themselves, while also helping to improve the U.S. economic recovery. Equally important, veterans tend to hire veterans"
"Investing in veterans' successes will not only strengthen our veterans and their families, but also our economy. The tax credit established in the Veterans Entrepreneurs Act of 2013 will assist in curbing employment obstacles and allow our nation's heroes to become entrepreneurs," stated Congressman Bill Flores. "We must continue to promote private-sector efforts to hire veterans as well as look for innovative ways to empower veterans to be entrepreneurs and small business owners. The more veterans we have acquiring and creating jobs, the more our economy will continue to grow benefiting both our veterans and our nation."
"The Veterans Entrepreneurs Act of 2013 can help our veterans get into business ownership faster with less capital outlay," said Mary Thompson, former Captain of the U.S. Marine Corps and president of Mr. Rooter Plumbing in Waco, Texas. "It's important we not forget the sacrifices our service members have made for our country and offer them the best opportunities this nation has to offer, and my appreciation goes out to Congressman Flores and his team for his good work on behalf of our veterans."
Last month during a Veterans Affairs subcommittee hearing chaired by Rep. Flores at Baylor University, Thompson, having started her first franchise business after retirement from the Marine Corps, urged Congress to create a 50 percent tax credit off franchise fees for veterans.
"The franchise industry has a long history of supporting efforts to increase franchise small business ownership opportunities for veterans and, together with Rep. Flores and the bill's co-sponsors, we can enhance efforts to provide new and well-deserved career opportunities to our brave service men and women," Caldeira said.
IFA's VetFran strategic initiative, founded in 1991, includes over 600 IFA member companies offering financial incentives, training and mentoring to veterans interested in small business ownership and/or a career path in franchising. In 2011, IFA made the largest private-sector veteran hiring commitment as part of the White House Joining Forces program, led by First Lady Michelle Obama and Dr. Jill Biden. As part of the campaign, 151,557 veterans, military spouses and wounded warriors have entered franchising since 2011, including 5,192 as franchise business owners.
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