WASHINGTON, D.C. (November 6, 2017) – The Coalition of Franchisee Associations (CFA) applauds the introduction of H.R. 1, the Tax Cuts and Jobs Act. It’s time Congress takes on the difficult challenge of updating the tax code and provides an environment that better incentivizes business investments. There are many positives introduced in the Act, such as the simplification of rates for average, American taxpayers; eventual repeal of the estate tax; lowering of certain corporate taxes; expanded deductions of business investments; and others.
“We look forward to being fully engaged in the process to bring forward the concerns of franchise owners,” said Keith Miller, chairman of CFA. “Our representatives need to make sure the franchisees that invest and employ individuals in our local communities have a tax structure that encourages future investment.”
The CFA is concerned, however, about what appear to be steep increases in taxes and complexity for small, pass-through business entities and is actively working with Congress to address these concerns. The elimination of the state and local tax deduction and limited deductibility of interest payments on standard business loans are issues of concern involved in these efforts.
“We need to ensure the tax benefits of this reform benefit the small businesses that are the backbone of growth, jobs and opportunity in the country,” added Robert Branca, CFA vice chair who is currently working on the issue in Washington. “These small businesses are the least able to handle added complexity and cost, and are in most need of tax relief, and we believe lawmakers and the administration want to help them. Our intent is to help show them how best to do that.”
About the Coalition of Franchisee Associations
The Coalition of Franchisee Associations, representing more than 41,000 franchisees who own over 86,000 businesses, which employ over 1.4 million individuals, is the largest franchisee-only association in the country. Its members make up the largest and most reputable independent franchisee associations with a mission “to leverage the collective strengths of franchisee associations for the benefit of the franchisee community.” The CFA — with headquarters in Washington, D.C. — is committed to providing vital support and assistance to the franchisee community at large. To learn more about the organization, please visit http://www.thecfainc.com.
