It was disappointing when the Help Veterans Own Franchises (HVOF) Act faltered in Congress during the bitter partisan bickering spawned by the debate over health care, which coincided with its appearance on Capitol Hill. But it appears that there is still hope for the act.
HVOF would have created a tax credit for franchises that offer a discount on initial franchise fees, training, and additional support to military veterans. It was a common sense law that would have further bolstered the veterans franchise sector. Unfortunately it faltered in Congress, but it's great to hear soundings from President Obama recently that there might be life left in the law. In the beginning of the month, he called on Congress to pass the law.
“At a time when everyone is focused on job creation in Washington, we think that the timing is good for us to be talking about this issue,” says Matthew Haller, director of communications for the International Franchise Association (IFA), told QSR magazine.
“I think the prospects are good … but, at the same time, we have to be realistic about the political realities in Washington right now,” Haller added.
What's undeniable is that veterans continue to be drawn to franchising. With the help of VetFran, over 2100 military vets have become franchisees. That's an outstanding interest. We can only imagine that number would surge if this law were to be enacted in the next 12 months.