Texas Insider Report: WASHINGTON, D.C. – “These are talented individuals who have good skills and self-discipline that make them well-suited for business ownership,” said Cong. Bill Flores (R-TX) while introducing the Veterans Entrepreneurs Act, H.R. 3725. This legislation will help veterans start their own businesses and give them opportunities to use their skills and expertise after they finish their military service.
“I believe that we should help our veterans gain the tools to success once they have returned home from service. These men and women made commitments to selflessly serve our country and we should provide them an effective transition into the civilian workforce,” Congressman Flores said.
The Veterans Entrepreneurs Act will assist veteran entrepreneurs in transitioning to the private sector after their military service by reducing both the red tape and the costs of starting a franchise to help them become small business owners.
“The idea for this legislation arose from testimony delivered to the House Veterans’ Affairs Economic Opportunity Subcommittee during a recent field hearing in Waco in early November. During that hearing, which I chaired, the subcommittee heard how investing in veterans’ successes will not only strengthen our veterans and their families, but also our economy,” said Flores.
It will also make it easier for veterans to own small business franchises by establishing a tax credit for veteran franchisees equal to 25% of the franchise fee incurred. This tax credit will help offset the initial start-up costs for a franchise business which is often out of reach for many veterans.
“The tax credit established in the Veterans Entrepreneurs Act will assist in curbing employment obstacles and allow our nation’s heroes to become entrepreneurs. We must continue to promote private sector efforts to hire veterans as well as look for innovative ways to empower veterans to be entrepreneurs and small business owners. The more veterans we have acquiring and creating jobs, the more our economy will continue to grow benefiting both our veterans and our nation,” Flores said.
To view the text of H.R. 3725, visit Flores.house.gov/uploads/HR-3725.pdf.
Congressman Bill Flores represents the 17th District of Texas and is an entrepreneur, former energy executive, Certified Public Accountant (CPA) and member of the House Budget, Natural Resources and Veterans’ Affairs Committees.
