Rep. Schneider Helps Introduce Veterans Entrepreneurs Act
U.S. Rep. Brad Schneider (IL-10) helped introduce the Veterans Entrepreneurs Act (H.R. 3725) to reduce fees for veterans looking to open franchises.
The Veterans Entrepreneurs Act creates a tax credit for veterans worth 25 percent of the total franchise fee.
“Making it easier for veterans to become small business owners is a simple and effective way to help grow our economy and expand opportunities for the men and women of our armed forces,” Schneider said. “Our veterans offer unique skills and leadership abilities, yet far too many face stubbornly-high unemployment and prohibitively-high costs of starting a small business. This bill will help partially relieve those costs and help put more veterans back to work.”
There are nearly 750,000 unemployed veterans in the country, according to Bureau of Labor Statistics estimates. In Illinois, 6.8 percent of veterans were unemployed last year, with the rate much higher for veterans 18-34 years old.
Schneider, a member of the House Small Business Committee, hosted a veterans jobs fair in August and, through his “Brad at Your Business” initiative, has met with many veteran business owners.