If there’s one cause more popular than small business in the United States today, it’s that of military veterans. As it should be.
Yet as always, it comes down to putting your money where your mouth is. Over at BizEngine, there’s been more than one article about veterans as entrepreneurs, something their combination of discipline and can-do spirit seems uniquely suited to. So it would seem to be a no-brainer that legislation setting aside funds for a tax credit to help offset costs of assuming control of a franchise would pass Congress, especially if it was targeted specifically at veterans.
Look, I’m as receptive as the next guy to cutting spending. But you need to be able to distinguish between a worthwhile program that isn’t going to cost much and something massive and wasteful. The bill mentioned in the linked article above died in committee back in 2009, so the mere fact that it’s returning is a plus. But it has to pass a Congress that has been, to put it mildly, hostile to new spending.
Still, the International Franchise Association is optimistic that the bill will ultimately pass through Congress, which is a good sign considering how connected they are on Capitol Hill. The benefits could be immediate, because there are veterans returning from abroad every day who may want to strike out on their own under the umbrella of a franchise. Those brand new franchisees could also generate new jobs, which would benefit everybody. I find it hard to believe that such a no-brainer of a bill could be defeated twice, but then, I am frequently surprised.
Would you support this kind of tax credit for veteran entrepreneurs? Sound off!