IFA is urging Congress to pass the bipartisan extension of expiring tax measures critical to providing economic certainty to small franchised businesses. A two-year extension of these tax cuts will provide an important boost for entrepreneurs and individual taxpayers as the economy continues to recover. This measure also includes key tax relief for small business owners and restaurants by continuing the shortened depreciation schedule for restaurant and retail buildings and allowing businesses to write off the full cost of new investments in equipment. It also contains a pro-small business solution for the expired estate tax by setting the tax rate at 35 percent with an exemption level of $5 million.

Finally, the tax relief legislation will assist every American and help boost the consumer activity vital to our economic recovery. While the IFA has long advocated for a permanent extension of the marginal tax rates that were enacted in 2001 and 2003, the two-year extension is an important first step toward a simpler, pro-growth tax policy in the long term. Franchised business leaders, investors and their millions of employees are looking to Congress for help.
Read IFA’s Key Vote letter to Senators from Friday, Dec. 10. The Senate is scheduled to vote on the bill today, with the House anticipated to take up the bill before Congress adjourns for the year.