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United States · Bill · HR

H.R. 971 (117th)

Small Business Succession Planning Act

referredUnited States· United States Congress· EN

Introduced

11 February 2021

Last action

11 February 2021 · Introduced

Status

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.

Sponsors

Rep. Bustos, Cheri [D-IL-17], Rep. Garbarino, Andrew R. [R-NY-2], Rep. Crow, Jason [D-CO-6], Rep. Rice, Tom [R-SC-7], Del. Norton, Eleanor Holmes [D-DC-At Large], Rep. Craig, Angie [D-MN-2], Michael San Nicolas, Rep. Kind, Ron [D-WI-3], Rep. Moore, Gwen [D-WI-4], Rep. Kuster, Ann M. [D-NH-2], Rep. Larson, John B. [D-CT-1], Rep. Panetta, Jimmy [D-CA-19], Rep. Carbajal, Salud O. [D-CA-24], Rep. Pascrell, Bill, Jr. [D-NJ-9], Rep. Phillips, Dean [D-MN-3], Marie Newman, Rep. Davis, Danny K. [D-IL-7], Rep. McBath, Lucy [D-GA-6], Rep. Cohen, Steve [D-TN-9], Rep. Fitzpatrick, Brian K. [R-PA-1], Rep. Katko, John [R-NY-24], Rep. Scanlon, Mary Gay [D-PA-5], Rep. Trone, David J. [D-MD-6], Rep. Krishnamoorthi, Raja [D-IL-8], Rep. Chu, Judy [D-CA-28], Rep. O'Halleran, Tom [D-AZ-1], Carolyn Bourdeaux, Rep. Murphy, Stephanie N. [D-FL-7], Rep. Cuellar, Henry [D-TX-28], Rep. Costa, Jim [D-CA-21], Rep. Harder, Josh [D-CA-9], Rep. Axne, Cynthia [D-IA-3], Rep. Larsen, Rick [D-WA-2], Rep. Sewell, Terri A. [D-AL-7], Rep. Mfume, Kweisi [D-MD-7], Rep. Quigley, Mike [D-IL-5]

Subjects

Taxation

Source updated

3 January 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Small Business Succession Planning Act This bill requires the Small Business Administration (SBA) to establish a program to assist small businesses with developing and implementing business succession plans. The bill also provides a tax credit for a business that establishes a succession plan or that successfully carries out such a plan. A business succession plan identifies who will assume the ownership responsibilities of a small business upon the owner's death or retirement, and it includes an operational description of the small business to ensure the continuation of operations. To carry out the program, the SBA must develop and make publicly available a toolkit to assist small business with succession planning. Further, it must train resource partners on the toolkit, educate small businesses about the program, and ensure that each SBA district office and each resource partner employs someone to counsel small businesses on using the toolkit.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 11 February 2021

    Introduced

    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.

    Source: IntroReferral

  2. 11 February 2021

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 11 February 2021

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 11 February 2021

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  • Introduced in House (PDF)

    Introduced in House · EN · 11 February 2021

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  • Introduced in House

    summary · EN · 11 February 2021

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Sponsors

Related records

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Sources

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