U.S. Reps. Julia Brownley (D-CA) and Carol Miller (R-WV) recently introduced legislation that promotes veteran entrepreneurship by reducing barriers through reduced small business operation upfront costs.
The Veteran Entrepreneurs Act aids the next step into civilian life by making franchise ownership financially accessible by creating a tax credit of up to 25 percent of initial franchise fees for veteran franchisees.
“As thousands of veterans continue to transition out of the military, successfully integrating them into civilian life should be a national priority,” Brownley said. “During their service, our veterans gain invaluable experience and skills that are highly beneficial in the sphere of business and in countless other professions. My bill allows for more veterans to more easily become entrepreneurs and small business owners, while also growing local economies in communities across our country.”
Per the legislation, veterans would be able to carry forward the unused portion of the credit for up to 20 years, ensuring the veteran is able to make full use of the total value while also being provided an alternative discount on franchise fees.
“Our veterans were willing to pay the ultimate sacrifice for the United States of America,” Miller said. “As servicemembers, veterans have shown grit, perseverance, and dedication; we should be enabling, not hindering them when they come home and be a part of the American dream. The Veteran Entrepreneurs Act will help veterans open a small business that empowers the communities they protected overseas.”
International Franchise Association (IFA) Government Relations and Public Affairs Senior Vice President Mike Layman said the bill is critical to aiding veteran entrepreneurs in starting their own business.