Wednesday, September 14, 2011
WASHINGTON, DC— U.S. Senator Bob Casey (D-PA) today re-introduced the Help Veterans Own Franchises Act (S. 1540), a bill that establishes a tax credit for veterans who purchase a franchise. Congressman Aaron Schock (R-IL) introduced a version of this bill in the House of Representatives.
“Veterans have made innumerable sacrifices in defense of our country, yet despite their training and experience, many are struggling to find employment in today’s labor market,” said Senator Casey. “This important legislation will help ensure veterans who fought for their country do not have to struggle to find a job when their service is complete. Franchises offer our veterans a path toward realizing the dream of small business ownership and stimulate economic growth by cultivating America’s small businesses.”
The bill provides a tax credit to veterans who choose to purchase a franchise and open a business in their local community, equal to 25 percent of the remaining franchise fee. The credit is capped at $100,000.
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