Small Business Succession Planning Act

This bill requires the Small Business Administration (SBA) to create a program that helps small businesses write and carry out succession plans, which name who will take over when an owner dies or retires. The SBA would build a public online toolkit, train its partner organizations to use it, and place an employee at each district office and certain partner centers to counsel businesses on it. It creates a federal tax credit of $250 when the SBA certifies a small business has made a succession plan and another $250 when a succession under that plan is completed. A business would have to pay back a credit if, within 3 years, substantially all of it is acquired by entities that are not small businesses. The SBA must also send Congress a plan within 120 days to increase the number of small businesses with succession plans.

Full text and official record on Congress.gov

Sponsors

• Jason Crow Democrat sponsor
• 1 cosponsors