Small Business Succession Planning Act

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

D BustosSponsor

35 cosponsors · 31 D, 4 R

6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

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.

What it does: CRS summary · Introduced in House · Feb 11, 2021

Small Business Succession Planning Act

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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Small Business Succession Planning Act

Latest action (Feb 11, 2021): 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.

Policy area: Commerce · Origin: House · Introduced: Feb 11, 2021

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.