arrow_back Trending Legislation
Share share

Small Business Support: Succession Planning and Tax Credits

This law aims to help small business owners prepare plans for transferring their business, for example, upon retirement. It introduces a support program and tools, and also offers a tax credit for businesses that create and implement such a plan. This is intended to ensure the continuity of small businesses and protect jobs.
Key points
The Small Business Administration (SBA) will create a program and tools to help small businesses develop succession plans.
Small businesses can receive a $250 tax credit for establishing a succession plan and another $250 for successfully completing a succession.
The tax credit may be reclaimed if the business is acquired by a large entity within 3 years of receiving the credit.
The SBA will provide training and counseling on succession planning for small businesses, including those owned by socially and economically disadvantaged individuals.
article Official text account_balance Process page notifications_active Track this Bill
gavel
Status:
Expired
Record your position for audit.
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens (explained here). Start recording it now.
Additional Information
Small Business Succession Planning Act
Print number: HR 971
Sponsor: Rep. Bustos, Cheri [D-IL-17]
Process start date: 2021-02-11
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch
Summary & Status

Key Questions about Small Business Support: Succession Planning and Tax Credits

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is HR 971.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-02-11.

What are the main provisions?

Key points include:

  • The Small Business Administration (SBA) will create a program and tools to help small businesses develop succession plans.
  • Small businesses can receive a $250 tax credit for establishing a succession plan and another $250 for successfully completing a succession.
  • The tax credit may be reclaimed if the business is acquired by a large entity within 3 years of receiving the credit.
  • The SBA will provide training and counseling on succession planning for small businesses, including those owned by socially and economically disadvantaged individuals.

What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Bustos, Cheri [D-IL-17].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

Analysis and Potential Impact of HR 971

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Economy Taxes