Casey Unveils Legislation to Help Veterans Own Their Own Small Business

Washington DC- Ahead of Memorial Day, U.S. Senator Bob Casey (D-PA) unveiled bipartisan legislation that would help veterans own their own small businesses. Casey’s bipartisan bill, the Help Veterans Own Franchises Act, is cosponsored by Senator Marco Rubio (R-FL) and would create a tax credit for veterans or their spouses who purchase a franchise. The tax credit would amount to 25% of the total franchise fee and is capped at $100,000.

“Too many of our brave men and women in uniform return home only to struggle to find employment in civilian life,” said Senator Casey. “We should do everything we can to help our veterans who have sacrificed so much to find employment. That’s why I’m introducing bipartisan legislation, the Help Veterans Own Franchises Act, to make it easier for veterans to start a small business.”

“I want to thank Senators’ Bob Casey and Marco Rubio for introducing the Help Veterans Own Franchise Act, which would provide our returning veterans a tangible tax benefit and incentive to open their own business," said International Franchise Association President & CEO Steve Caldeira. Our returning military heroes and their families have sacrificed a great deal to preserve freedom and liberty around the globe, so providing them with an opportunity to purchase their first franchise is clearly the right thing to do, by them, and our country’s economy.”

Despite their training and experience, many veterans still struggle to find employment in civilian life. According to the latest data from the Bureau of Labor Statistics, 205,000 veterans who served in the aftermath of September 11, 2001, are unemployed. These veterans have an unemployment rate of 9.5 percent, a full 2 percentage points higher than the national average.

The Help Veterans Own Franchises Act will provide a tax credit to veterans who choose to purchase a franchise and open a business in their local community. The credit will be equal to 25 percent of the franchise fee, up to $100,000. Franchises offer a great opportunity to veterans. A recent study by the International Franchise Association found that one out of every seven franchise businesses is owned and operated by a veteran. That translates to more than 66,000 businesses providing 815,000 jobs, and generating more than $41 billion in GDP.

Below is a county-by-county breakdown of veteran unemployment across Pennsylvania:

*SOURCE: U.S. CENSUS BUREAU, 2010 AMERICAN COMMUNITY SURVEY 1-YEAR ESTIMATES

** Data not available for all counties

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