To require the Administrator of the Small Business Administration to establish a program to encourage small business concerns to make business succession plans, and for other purposes.
About This Bill
Committee
Latest Action · October 25, 2023
Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The Small Business Succession Planning Act directs the Small Business Administration to establish a program helping small business owners develop and implement succession plans to ensure continuity when owners retire or pass away. The bill requires the SBA to create a toolkit available to the public, train resource partners on using it, and designate staff at district offices to counsel businesses on succession planning, with particular outreach to minority and disadvantaged-owned businesses. The legislation also creates a tax credit of up to $500 per small business owner—$250 for establishing a certified succession plan and another $250 for successfully completing a succession—though the credits must be repaid if the business is sold to entities that are not small businesses within three years. The bill authorizes unspecified funding for the SBA to carry out these requirements through fiscal year 2029 and requires the agency to submit a plan within 120 days of enactment detailing how it will increase succession plan adoption among small businesses.
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