,i #aahth ,,congress #ast ,session ,h4 ,r4 #eici ,,in ,,the ,,house ,,of ,,representatives ,october #ab1 #bjbc ,mr4 ,crow 7for himself and ,mr4 ,garbarino7 introduced the following bill ,october #be1 #bjbc ,referred to the ,committee on ,small ,business1 and in addition to the ,committee on ,ways and ,means1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to require the ,administrator of the ,small ,business ,administration to establish a program to encourage small business concerns to make business succession plans1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,small ,business ,succession ,planning ,act4 #b4 ,business succession plans for small business concerns 7a7 ,in general ,the ,administrator of the ,small ,business ,administration shall establish a program to help small business concerns develop and implement business succession plans4 7b7 ,toolkit ,the ,administrator1 in consultation with resource partners1 shall develop a toolkit to assist small business concerns in establishing a business succession plan4 ,such toolkit shall be made available on a public website of the ,administration4 7c7 ,program components ,the ,administrator-- 7#a7 shall train resource partners on using the toolkit described in subsection 7b7 with small business concerns2 7#b7 shall educate small business concerns about the program established under this section2 7#c7 shall ensure that each district office of the ,administration and each resource partner described in subparagraphs 7,b7 through 7,e7 has an employee with the specific job responsibility of providing counseling1 in person or virtually1 to small business concerns on use of the toolkit described in subsection 7b72 and 7#d7 may hold workshops or events on business succession planning4 7d7 ,plan ,not later than #abj days after the date of the enactment of this ,act1 the ,administrator shall submit to the appropriate committees a plan for increasing the amount of small business concerns that have business succession plans4 ,such plan shall include a description of methods to increase the frequency and use of business succession plans by small business concerns owned and controlled by socially and economically disadvantaged individuals 7as defined in section #h7;d77#c77;,c7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcg7;d77#c77;,c7774 7e7 ,tax credit for small business concerns which complete a business succession plan 7#a7 ,in general ,subpart ,d of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new section3 #de;,,aa4 ,business succession plan credit 7a7 ,in general ,for purposes of section #ch1 the business succession plan credit determined under this section is-- 7#a7 #bej for the first taxable year during which the ,administrator of the ,small ,business ,administration certifies that the taxpayer has established a business succession plan1 that the taxpayer is a small business concern at the time that such plan is established1 and that such plan does not provide for substantially all of the interests or assets of small business concern to be acquired by one or more entities which are not small business concerns1 and 7#b7 #bej for the first taxable year during which such ,administrator certifies that the taxpayer has successfully completed a succession of responsibilities pursuant to a business succession plan which was certified under paragraph 7#a71 that the taxpayer is a small business concern immediately after such succession1 and that the business with respect to which such business succession plan relates was a small business concern immediately prior to such succession4 7b7 ,recapture of credits 7#a7 ,recapture of credit for establishment of plan ,if1 during the #c-year period beginning on the date of the establishment of a business succession plan described in subsection 7a77#a71 substantially all of the equity interests in the taxpayer or substantially all of the assets of the taxpayer are acquired by one or more entities which are not small business concerns1 the taxpayer's tax imposed under this chapter for the taxable year during which such interest or assets are so acquired shall be increased by amount of the credit allowed to the taxpayer under subsection 7a77#a7 for such taxable year or any prior taxable year4 7#b7 ,recapture of credit for completion of succession ,if1 during the #c-year period beginning on the date of the completion of a succession of responsibilities described in subsection 7a77#b71 substantially all of the equity interests in the taxpayer or substantially all of the assets of the taxpayer are acquired by one or more entities which are not small business concerns1 the taxpayer's tax imposed under this chapter for the taxable year during which such interests or assets are so acquired shall be increased by amount of the credit allowed to the taxpayer under subsection 7a77#b7 for such taxable year or any prior taxable year4 7c7 ,definitions ,for purposes of this section1 the terms small business concern and business succession plan have the respective meanings given such terms under section #b7;g7 of the ,small ,business ,succession ,planning ,act4 4 7#b7 ,credit allowed as part of general business credit ,section #ch7;b7 of such ,code is amended by striking plus at the end of paragraph 7#ci71 by striking the period at the end of paragraph 7#dj7 and inserting 1 plus1 and by adding at the end the following new paragraph3 7#da7 the business succession plan credit determined under section #de;,,aa7a74 4 7#c7 ,clerical amendment ,the table of sections for subpart ,d of part ,,iv of subchapter ,a of chapter #a of such ,code is amended by adding at the end the following new item3 ,sec4 #de;,,aa4 ,business succession plan credit4 4 7#d7 ,report to ,congress ,not later than #ij days after the date of the enactment of this ,act1 the ,secretary of the ,treasury 7or the ,secretary's delegate7 shall submit a report to the ,committee on ,ways and ,means of the ,house of ,representatives and the ,committee on ,finance of the ,senate describing the steps which will be taken to enforce the recapture provisions of section #de;,,aa7b7 of the ,internal ,revenue ,code of #aihf1 as added by this section4 7#e7 ,effective date ,the amendments made by this subsection shall apply to taxable years ending after the date of the enactment of this ,act4 7f7 ,authorization of appropriations ,there is authorized to be appropriated to the ,administrator such sums as may be necessary for fiscal years #bjbd through #bjbi to carry out the requirements of this section4 7g7 ,definitions ,in this section3 7#a7 ,administrator ,the term ,administrator means the ,administrator of the ,small ,business ,administration4 7#b7 ,administration ,the term ,administration means the ,small ,business ,administration4 7#c7 ,appropriate committees ,the term appropriate committees means-- 7,a7 the ,committee on ,small ,business and ,entrepreneurship and the ,committee on ,appropriations of the ,senate2 and 7,b7 the ,committee on ,small ,business and the ,committee on ,appropriations of the ,house of ,representatives4 7#d7 ,business succession plan ,the term business succession plan means a document that-- 7,a7 identifies an individual who will assume the responsibilities of the owner to a small business concern upon the death or retirement of such owner1 along with the legal documents necessary2 and 7,b7 includes an operational description of the small business concern to ensure the continuation of operations of such concern4 7#e7 ,resource partners ,the term resource partners means-- 7,a7 any office of the ,administration2 7,b7 small business development centers 7defined in section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb772 7,c7 women's business centers 7described under section #bi of such ,act 7#ae ,u4,s4,c4 #fef772 7,d7 chapters of the ,service ,corps of ,retired ,executives 7established under section #h7;b77#a77;,b7 of such ,act 7#ae ,u4,s4,c4 #fcg7;b77#a77;,b7772 7,e7 ,veteran ,business ,outreach ,centers 7described under section #cb of such ,act 7#ae ,u4,s4,c4 #feg;b772 and 7,f7 any other entity1 as determined by the ,administrator4 7#f7 ,small business concern ,the term small business concern has the meaning given under section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb74