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 requires the Small Business Administration to create a new program helping small business owners develop plans for transferring their businesses to the next generation when they retire or pass away. The SBA must develop a toolkit available to the public, train its staff and partner organizations on using it, and ensure each SBA district office has a dedicated employee providing succession planning counseling to small business owners. The bill also creates a $250 federal tax credit for small business owners who establish a succession plan and another $250 credit if they successfully complete the transition, though the credits must be repaid if the business is sold to a non-small business entity within three years. The legislation authorizes funding for the program through fiscal year 2031 and requires the SBA to submit a plan within 120 days describing how it will increase succession planning participation, particularly among disadvantaged business owners.
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