Congresswoman Carol Miller | Congresswoman Carol Miller Official website (https://miller.house.gov)
Congresswoman Carol Miller | Congresswoman Carol Miller Official website (https://miller.house.gov)
WASHINGTON, D.C. - Congresswoman Carol Miller (R-WV) joined Congresswoman Julia Brownley (D-CA) in leading on the Veteran Entrepreneurs Act. This bipartisan legislation will aid veteran small business owners to manage financially the upfront cost of starting a franchise by creating a tax credit of up to 25% of initial franchise fees for veteran owned small businesses.
“Our veterans were willing to pay the ultimate sacrifice for the United States of America. 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,” said Congresswoman Miller. “The Veteran Entrepreneurs Act will help veterans open a small business that empowers the communities they protected overseas. I am grateful to work on this bipartisan legislation to help provide the support our veterans earned.”
“As thousands of veterans continue to transition out of the military, successfully integrating them into civilian life should be a national priority,” said Congresswoman Brownley. “During their service, our veterans gain invaluable experience and skills that are highly beneficial in the sphere of business and in countless other professions. However, there is more work that needs to be done to ensure veterans are given the resources they need to harness their skills and be successful in the current job market. 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.”
Click Here for Full Bill Text
Background:
- The Veteran Entrepreneurs Act was previously introduced by the late, Congresswoman Jackie Walorski (R-IN) in the 117th Congress.
- West Virginia has the largest population of veterans per capita, with 10% of the population being vets compared to about 7% across the nation.
- The Veteran Entrepreneurs Act will provide a tax credit worth 25% of a veteran franchisee’s initial franchise fees.
- Veteran owners will be able to carry forward their unused portion of the credit for up to 20 years.
Original source can be found here.
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