SC Farm Bureau Endorses Rice's Business Succession Planning Legislation

Press Release

Congressman Tom Rice (R-SC) recently introduced bipartisan legislation that would provide small business owners the support needed to create a business succession plan. This week the South Carolina Farm Bureau endorsed the legislation.

South Carolina Farm Bureau is a grassroots, non-profit organization that celebrates and supports family farmers, locally grown food and our rural lands through legislative advocacy, education and community outreach. The organization, founded in 1944, serves more than 100,000 member families in 47 chapters.

Succession planning is key to long-term survival of the family farm, and this legislation would provide incentives and assistance farmers need to ensure they are able to pass their legacy on to the next generation.

"Most farmers' top priority is seeing their farm continue on after they retire. Their legacy is their greatest asset," said SCFB President Harry Ott. "This legislation would help farmers with the often difficult task of making a succession plan, and we are excited to support it."

"In the United States there are nearly 30 million small businesses, but less than 42% have succession plans. Incentivizing succession plans through a small tax credit will not only benefit the business, but will also benefit the business's community," said Rep. Rice. "Small businesses, such as farms, are the backbone of our economy. I am pleased to hear that SC Farm Bureau supports this legislation that focuses on the future and gives farmers access to the tools they need to succeed, no matter what life throws at them."

The Small Business Succession Planning Act would:

Direct the Small Business Administration (SBA) to create an online business succession planning toolkit that walks small businesses through the process of creating a business succession plan with the help of SBA or resource partners. It would also require the SBA to provide trained staff or partners to help small businesses create their plan;
Encourage the SBA to hold business succession planning workshops or events across the country;
Create a plan to increase business succession plans among small businesses, including among minority-owned businesses, through the SBA;
Incentivize small businesses owners to create their own plan through multiple tax breaks for businesses:
This includes a one-time $250 tax break to create a business succession plan and an additional one-time $250 tax break when the succession plan is executed.
The legislation is endorsed by 18 other national, state and local-level small business organizations, including:

The National Small Business Association (NSBA), Illinois Farm Bureau (IFB), Rockford Chamber of Commerce, Quad Cities Chamber of Commerce, Peoria Chamber of Commerce, Greater Quad Cities Hispanic Chamber of Commerce, the East Peoria Chamber of Commerce, Sauk Valley Area Chamber of Commerce, Monmouth Area Chamber of Commerce, Northwestern Illinois Economic Development, the Knox County Area Partnership for Economic Development, Mercer County Better Together, Spoon River Partnership for Economic Development, Greater Sterling Development Corporation, Kewanee Chamber of Commerce, Hanover Chamber of Commerce, Pekin Area Chamber of Commerce and Freeport Area Chamber of Commerce.

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