IFA Praises Coons, Rubio Bipartisan Jobs Bill for Support of Small Business and Veterans

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For immediate release





Contact:
Alisa Harrison, 202-628-8000
Matthew Haller, 202-662-0770



aharrison@franchise.org


mhaller@franchise.org


twitter.com/franchising411


  

  


WASHINGTON, Nov. 15-The International Franchise Association today praised Sen. Chris Coons (D-Del.) and Sen. Marco Rubio (R-Fla.) for introducing bipartisan jobs legislation, the American Growth, Recovery, Empowerment and Entrepreneurship Act, or AGREE Act, to provide tax relief to franchise small businesses and tax credits to returning veterans to purchase franchise businesses.
 



 


Speaking at the Capitol Hill press conference with Sen. Coons, Sen. Rubio and Steve Case, Founder of AOL, and current CEO of Revolution, and a member of the President’s Council on Jobs & Competitiveness, IFA President & CEO Steve Caldeira stated, “We applaud the bipartisan efforts of Sens. Coons and Rubio for developing bipartisan legislation that will solve some of the uncertainty facing IFA members on tax issues, while also providing incentives to America’s service men and women returning from Afghanistan, Iraq and Southwest Asia interested in becoming franchise owners. Veterans have a proven track record of success within franchising, due to its structure, systems and focus on operational excellence. The AGREE Act would boost the number of veteran-owned franchise businesses, while also helping reduce the overall unemployment rate of veterans.”
 



 


For franchise small businesses, the AGREE Act includes several important provisions, including:
 


  • A veterans with a tax credit equal to 25% of the fee associated with starting a franchise up to $100,000.
     

  • A three year extension of 100 percent bonus depreciation for the full cost of qualified investments such as equipment and property.
     

  • A three year extension of Section 179 expensing levels for small businesses.
     

  • A three year extension of eliminated taxes on certain small business stock.
     

  • An Extension of the Research & Development tax credit until 2013, increases the Alternative Simplified Credit (ASC) from 14 percent to 20 percent, and makes the ASC permanent.
     

  • Establishment of an enhanced research credit for domestic manufacturers to encourage job creation at home.
     

  • Elimination of the per-country numerical limitation for employment-based immigrant visas and adjusts the limitations on family based visa petitions from 7% per country to 15%.
     



IFA supports efforts to boost small business ownership opportunities by veterans. The bill includes
a tax credit for honorably discharged veterans to become small business owners by offering tax credits to offset start-up costs equal to 25% of franchise fees, up to $100,000. The bill includes the provisions of S. 1540/H.R. 2888, the Help Veterans Own Franchises Act, introduced by Sen. Bob Casey (D-Pa.), and Congressman Aaron Schock (R-Ill.) and Leonard Boswell (D-Iowa).

 



 


 



“Since the average franchise business creates 15 jobs, the Help Veterans Own Franchise Act will turn our military heroes into economic leaders, creating urgently needed jobs in communities across America,” said Caldeira.
“The AGREE Act will provide expanded opportunities for America’s service men and women to achieve their dream of small business ownership through franchising,” said IFA President and CEO Steve Caldeira.  

 


 
 


IFA recently announced “Operation Enduring Opportunity,” a campaign to hire and recruit 75,000 veterans and 5,000 wounded warriors by 2014. Veterans have a proven track record of success in franchising. According to a recent study based on U.S. Census data, there are more than 66,000 veteran-owned franchise establishments in the United States, providing jobs directly for 815,000 Americans. IFA’s VetFran program, originally established in 1991, offers financial incentives to veterans seeking to own a franchise.
 



 


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About the International Franchise Association

The International Franchise Association is the world’s oldest and largest organization representing franchising worldwide. Celebrating over 50 years of excellence, education and advocacy, IFA works through its government relations, media relations and educational programs to protect, enhance and promote franchising. Through its media awareness campaign highlighting the theme,
Franchising: Building Local Businesses, One Opportunity at a Time, IFA promotes the economic impact of the franchise industry, which represents over 825,000 franchise establishments that support nearly 18 million jobs and $2.1 trillion of economic output for the U.S. economy. IFA members include franchise companies in over 300 different business format categories, individual franchisees and companies that support the industry in marketing, law and business development.



 

 

 

 

 

 

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