Franchise small business owners who take advantage of important tax credits may be at risk of losing them if Congress does not act before the end of 2011. These include the Work Opportunity Tax Credit for hiring workers who qualify as members of certain target groups who have faced significant barriers to employment and the 15-year depreciation provision for restaurant improvements and new construction, retail improvements, and leasehold improvements or renovations.
IFA is part of the “Broad Tax Extenders Group” and is galvanizing support from franchise businesses who take advantage of this tax important provision to tell Congress to act, before the end of the year, to ensure franchise small businesses continue to qualify for the tax treatment you receive in 2011 beginning in January.
Any franchise business owner who signs the letter will be included on the final letter being delivered to members of Congress next week. The deadline to sign the letter is Friday, Oct. 21.
IFA will continue to urge Congress for a comprehensive solution to tax reform, rather than a piecemeal, one-off stimulus approach. As it said in a letter to all Senators last week, Congress must view reforms through a lens that ensures businesses of all sizes, and particularly small businesses like the majority of franchise businesses, are given long-term certainty and clarity regarding their future tax rates.
Posted by Matt Haller, IFA Sr. Director of Communications