Small Business Succession Planning Act Proposed

A bi-partisan proposal in Congress would instruct the SBA to develop a toolkit that would assist small businesses in establishing a business succession plan, which would be available online. The proposal also directs the training of resource partners to work with businesses on their plans. The measure would give a one-time tax credit of $250 to create a succession plan, and another $250 credit when the plan is executed, with recapture if, within 3 years of establishing the plan, the business is acquired by an entity that is not a small business. This is a reintroduction of a prior bill. Chances of enactment: who knows? #IdeaoftheDay