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Small Business Succession Act: Support and Tax Credits for Future Planning

This act creates a program to help small businesses plan for their future, ensuring they can continue operating even when owners retire or pass away. It offers guidance and a tax credit to encourage owners to prepare for a smooth transition, benefiting local economies and employees.
Key points
Small businesses can get free help and tools from the Small Business Administration to create plans for future ownership changes.
Owners who establish a succession plan may receive a $250 tax credit, with an additional $250 credit upon successful completion of the succession.
The goal is to help businesses stay open and keep jobs in communities by making transitions easier.
article Official text account_balance Process page
Expired
Citizen Poll
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Additional Information
Print number: 118_HR_5939
Sponsor: Rep. Crow, Jason [D-CO-6]
Process start date: 2023-10-25
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Small Business Succession Planning Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5939.

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 2023-10-25.

What are the main provisions?

Key points include:

  • Small businesses can get free help and tools from the Small Business Administration to create plans for future ownership changes.
  • Owners who establish a succession plan may receive a $250 tax credit, with an additional $250 credit upon successful completion of the succession.
  • The goal is to help businesses stay open and keep jobs in communities by making transitions easier.
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. Crow, Jason [D-CO-6].

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 2026-01-13.

CATEGORIES

Economy Taxes