What does Preamble of Small Business Succession Planning Act do?

This bill, formally titled 'To require the Administrator of the Small Business Administration to establish a program to encourage small business concerns to make business succession plans, and for other purposes,' aims to establish a program. The program would be administered by the Small Business Administration. The program's purpose is to encourage small business concerns to develop business succession plans.

What does SHORT TITLE. of Small Business Succession Planning Act do?

This bill is formally titled the Small Business Succession Planning Act.

What does BUSINESS SUCCESSION PLANS FOR SMALL BUSINESS CONCERNS. of Small Business Succession Planning Act do?

This section establishes a program within the Small Business Administration (SBA) to assist small business concerns in developing and implementing business succession plans. The SBA Administrator will develop a toolkit to aid in establishing these plans, making it available on the Administration’s public website. Program components include training resource partners, educating small business concerns, and ensuring counseling is available through district offices and resource partners. The SBA Administrator must submit a plan to Congress within 120 days of enactment to increase the adoption of business succession plans, with a focus on socially and economically disadvantaged individuals. A new tax credit, section 45BB, is introduced, providing $250 for establishing a plan and another $250 for successfully completing a succession of responsibilities. The tax credit is recaptured if the small business concern is acquired by a non-small business concern within three years. The Secretary of the Treasury must report to Congress within 90 days on enforcement of the recapture provisions. The program is authorized appropriations for fiscal years 2026 through 2031.

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Small Business Succession Planning Act

Last updated: 5/29/2026 · Introduced: 5/29/2026

Author: Jason Crow (D-CO)

TL;DR (AI)

This bill establishes a Small Business Administration (SBA) program to assist small businesses in creating and implementing succession plans, including training and counseling resources.
The bill introduces a new tax credit of up to $500 for small businesses that establish and successfully complete succession plans, with recapture provisions if the business is later acquired by a larger entity.
The SBA Administrator is required to submit a plan to Congress within 120 days of enactment to increase the adoption of succession plans, prioritizing socially and economically disadvantaged individuals, and the program is authorized funding through 2031.

119th Congressin committeeOfficial page

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Includes provisions on preamble, short title., and 1 more.

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