That’s just what he and his Democratic colleague from Iowa, Congressman Leonard Boswell, did in June 2009. They introduced the Help Veterans Own Franchises Act, which would give tax breaks to franchise businesses that discount the initial franchise fee for veterans. The law would also give a tax credit to the veteran who opens a franchise.
“We’re looking to create jobs in this country right now,” Schock said, noting that the majority of new jobs are generated by small business owners. However, he added, a large percentage of those new small businesses fail in their first year.
“When you start a franchise, the chances of you being successful greatly increases,” he pointed out, since franchisees offer familiar, already popular products and franchise owners have the support of the franchisor.
Schock believes the new law, which was referred to the House Committee on Ways and Means, has a “great chance” of passage.