,i #aag? ,,congress #a/ ,session ,h4 ,r4 #iga ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,febru>y #aa1 #bjba,mrs4 ,bu/os 7= h]self1 ,mr4 ,g>b>9o1 ,mr4 ,cr[1 ,mr4 ,rice ( ,s\? ,c>ol9a1 ,ms4 ,norton1 ,ms4 ,craig1 & ,mr4 ,san ,nicolas7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,small ,bus9ess1 & 9 addition to ! ,committee on ,ways & ,means1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to require ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration to e/abli% a program to enc\rage small bus9ess conc]ns to make bus9ess succession plans1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,small ,bus9ess ,succession ,plann+ ,act4 #b4 ,bus9ess succession plans = small bus9ess conc]ns 7a7 ,9 g5]al ,! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration %all e/abli% a program to help small bus9ess conc]ns develop & implem5t bus9ess succession plans4 7b7 ,toolkit ,! ,adm9i/rator1 9 consultation ) res\rce p>tn]s1 %all develop a toolkit to assi/ small bus9ess conc]ns 9 e/abli%+ a bus9ess succession plan4 ,su* toolkit %all be made available on a public website ( ! ,adm9i/ration4 7c7 ,program compon5ts ,! ,adm9i/rator-- 7#a7 %all tra9 res\rce p>tn]s on us+ ! toolkit describ$ 9 subsection 7b7 ) small bus9ess conc]ns2 7#b7 %all educate small bus9ess conc]ns ab\t ! program e/abli%$ "u ?is section2 7#c7 %all ensure t ea* di/rict (fice ( ! ,adm9i/ration & ea* res\rce p>tn] describ$ 9 subp>agraphs 7,b7 ?r\gh 7,e7 has an employee ) ! specific job responsibility ( provid+ c\nsel+1 9 p]son or virtually1 to small bus9ess conc]ns on use ( ! toolkit describ$ 9 subsection 7b72 & 7#d7 may hold work%ops or ev5ts on bus9ess succession plann+4 7d7 ,plan ,n lat] ?an #abj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,adm9i/rator %all submit to ! appropriate committees a plan = increas+ ! am\nt ( small bus9ess conc]ns t h bus9ess succession plans4 ,su* plan %all include a description ( me?ods to increase ! frequ5cy & use ( bus9ess succession plans by small bus9ess conc]ns own$ & controll$ by socially & economically disadvantag$ individuals 7z def9$ 9 section #h7;d77#c77;,c7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcg7;d77#c77;,c7774 7e7 ,tax cr$it = small bus9ess conc]ns :i* complete a bus9ess succession plan 7#a7 ,9 g5]al ,subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #de,u4 ,bus9ess succession plan cr$it 7a7 ,9 g5]al ,= purposes ( section #ch1 ! bus9ess succession plan cr$it det]m9$ "u ?is section is-- 7#a7 #bej = ! fir/ taxable ye> dur+ :i* ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration c]tifies t ! taxpay] has e/abli%$ a bus9ess succession plan1 t ! taxpay] is a small bus9ess conc]n at ! "t t su* plan is e/abli%$1 & t su* plan does n provide = sub/antially all ( ! int]e/s or assets ( small bus9ess conc]n to be acquir$ by "o or m entities :i* are n small bus9ess conc]ns1 & 7#b7 #bej = ! fir/ taxable ye> dur+ :i* su* ,adm9i/rator c]tifies t ! taxpay] has successfully complet$ a succession ( responsibilities pursuant to a bus9ess succession plan :i* 0 c]tifi$ "u p>agraph 7#a71 t ! taxpay] is a small bus9ess conc]n imm$iately aft] su* succession1 & t ! bus9ess ) respect to :i* su* bus9ess succession plan relates 0 a small bus9ess conc]n imm$iately prior to su* succession4 7b7 ,recapture ( cr$its 7#a7 ,recapture ( cr$it = e/abli%m5t ( plan ,if1 dur+ ! #c-ye> p]iod beg9n+ on ! date ( ! e/abli%m5t ( a bus9ess succession plan describ$ 9 subsection 7a77#a71 sub/antially all ( ! equity int]e/s 9 ! taxpay] or sub/antially all ( ! assets ( ! taxpay] are acquir$ by "o or m entities :i* are n small bus9ess conc]ns1 ! taxpay]'s tax impos$ "u ?is *apt] = ! taxable ye> dur+ :i* su* int]e/ or assets are s acquir$ %all be increas$ by am\nt ( ! cr$it all[$ to ! taxpay] "u subsection 7a77#a7 = su* taxable ye> or any prior taxable ye>4 7#b7 ,recapture ( cr$it = completion ( succession ,if1 dur+ ! #c-ye> p]iod beg9n+ on ! date ( ! completion ( a succession ( responsibilities describ$ 9 subsection 7a77#b71 sub/antially all ( ! equity int]e/s 9 ! taxpay] or sub/antially all ( ! assets ( ! taxpay] are acquir$ by "o or m entities :i* are n small bus9ess conc]ns1 ! taxpay]'s tax impos$ "u ?is *apt] = ! taxable ye> dur+ :i* su* int]e/s or assets are s acquir$ %all be increas$ by am\nt ( ! cr$it all[$ to ! taxpay] "u subsection 7a77#b7 = su* taxable ye> or any prior taxable ye>4 7c7 ,def9itions ,= purposes ( ?is section1 ! t]ms small bus9ess conc]n & bus9ess succession plan h ! respective mean+s giv5 su* t]ms "u section #b7;g7 ( ! ,small ,bus9ess ,succession ,plann+ ,act4 4 7#b7 ,cr$it all[$ z "p ( g5]al bus9ess cr$it ,section #ch7;b7 is am5d$ by /rik+ plus at ! end ( p>agraph 7#cb71 by /rik+ ! p]iod at ! end ( p>agraph 7#cc7 & ins]t+ 1 plus1 & by add+ at ! end ! foll[+ new p>agraph3 7#cd7 ! bus9ess succession plan cr$it det]m9$ "u section #de,u7a74 4 7#c7 ,cl]ical am5dm5t ,! table ( sections = subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #de,u4 ,bus9ess succession plan cr$it4 4 7#d7 ,report to ,congress ,n lat] ?an #ij days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 %all submit a report to ! ,committee on ,ways & ,means ( ! ,h\se ( ,repres5tatives & ! ,committee on ,f9ance ( ! ,s5ate describ+ ! /eps :i* w be tak5 to en=ce ! recapture provisions ( section #de,u7b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z add$ by ?is section4 7#e7 ,effective date ,! am5dm5ts made by ?is subsection %all apply to taxable ye>s end+ aft] ! date ( ! enactm5t ( ?is ,act4 7f7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to ! ,adm9i/rator su* sums z may be necess>y = fiscal ye>s #bjba ?r\gh #bjbf to c>ry out ! requirem5ts ( ?is section4 7g7 ,def9itions ,9 ?is section3 7#a7 ,adm9i/rator ,! t]m ,adm9i/rator means ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration4 7#b7 ,adm9i/ration ,! t]m ,adm9i/ration means ! ,small ,bus9ess ,adm9i/ration4 7#c7 ,appropriate committees ,! t]m appropriate committees means-- 7,a7 ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip & ! ,committee on ,appropriations ( ! ,s5ate2 & 7,b7 ! ,committee on ,small ,bus9ess & ! ,committee on ,appropriations ( ! ,h\se ( ,repres5tatives4 7#d7 ,bus9ess succession plan ,! t]m bus9ess succession plan means a docum5t t-- 7,a7 id5tifies an individual :o w assume ! responsibilities ( ! own] to a small bus9ess conc]n ^u ! dea? or retirem5t ( su* own]1 along ) ! legal docum5ts necess>y2 & 7,b7 includes an op]ational description ( ! small bus9ess conc]n to ensure ! cont9uation ( op]ations ( su* conc]n4 7#e7 ,res\rce p>tn]s ,! t]m res\rce p>tn]s means-- 7,a7 any (fice ( ! ,adm9i/ration2 7,b7 small bus9ess developm5t c5t]s 7def9$ 9 section #c ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb772 7,c7 wom5's bus9ess c5t]s 7describ$ "u section #bi ( su* ,act 7#ae ,u4,s4,c4 #fef772 7,d7 *apt]s ( ! ,s]vice ,corps ( ,retir$ ,executives 7e/abli%$ "u section #h7;b77#a77;,b7 ( su* ,act 7#ae ,u4,s4,c4 #fcg7;b77#a77;,b7772 7,e7 ,vet]an ,bus9ess ,outrea* ,c5t]s 7describ$ "u section #cb ( su* ,act 7#ae ,u4,s4,c4 #feg;b772 & 7,f7 any o!r entity1 z det]m9$ by ! ,adm9i/rator4 7#f7 ,small bus9ess conc]n ,! t]m small bus9ess conc]n has ! mean+ giv5 "u section #c ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb74