[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2066 Reported in House (RH)]
<DOC>
Union Calendar No. 185
119th CONGRESS
1st Session
H. R. 2066
[Report No. 119-227]
To amend the Small Business Investment Act of 1958 to exclude from the
limit on leverage certain amounts invested in smaller enterprises
located in rural or low-income areas and small businesses in critical
technology areas, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 11, 2025
Mr. Meuser (for himself and Ms. Scholten) introduced the following
bill; which was referred to the Committee on Small Business
August 15, 2025
Additional sponsors: Mr. Wied, Mr. Fitzpatrick, Ms. King-Hinds, Ms.
Davids of Kansas, Mr. Davis of North Carolina, Mr. LaLota, and Mr.
Vindman
August 15, 2025
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
[For text of introduced bill, see copy of bill as introduced on March
11, 2025]
_______________________________________________________________________
A BILL
To amend the Small Business Investment Act of 1958 to exclude from the
limit on leverage certain amounts invested in smaller enterprises
located in rural or low-income areas and small businesses in critical
technology areas, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Investing in All of America Act of
2025''.
SEC. 2. SMALL BUSINESS INVESTMENT COMPANY MAXIMUM LEVERAGE EXCLUSION.
(a) Definitions.--Section 103(9) of the Small Business Investment
Act of 1958 (15 U.S.C. 662(9)) is amended--
(1) in subparagraph (A)(ii), by striking ``and'' at the
end;
(2) in subparagraph (B)(iii)--
(A) in subclause (I), by striking ``established
prior to October 1, 1987'';
(B) in subclause (II)--
(i) by striking ``or'' and inserting a
comma; and
(ii) by inserting ``, foundation,
endowment, or trust of any college or
university'' after ``pension plan''; and
(C) in subclause (III), by striking the semicolon
at the end and inserting ``; and''; and
(3) by adding at the end the following new subparagraph:
``(C) does not include any funds obtained directly
or indirectly from any Federal, State, or local
government or any government agency or instrumentality,
except for funds described in subclauses (I) through
(III) of subparagraph (B)(iii), for the purpose of
approval by the Administrator of any request for
leverage.''.
(b) Maximum Leverage Exclusion.--Section 303(b)(2) of the Small
Business Investment Act of 1958 (15 U.S.C. 683(b)(2)) is amended--
(1) in subparagraph (A)--
(A) in clause (i), by striking ``300'' and
inserting ``200''; and
(B) by amending clause (ii) to read as follows:
``(ii)(I) with respect to such a company
that makes quarterly or semiannual interest
payments $250,000,000; or
``(II) $175,000,000 with respect to any
other company licensed under section 301(c).'';
(2) in subparagraph (B), by striking ``may not exceed
$350,000,000.'' and inserting the following ``may not exceed--
``(i) with respect to such companies that
are commonly controlled and that make quarterly
or semiannual interest payments, $475,000,000;
or
``(ii) $350,000,000 with respect to any
other companies licensed under section 301(c)
that are commonly controlled.''; and
(3) in subparagraph (C)--
(A) in the heading--
(i) by inserting ``or rural'' after ``low-
income''; and
(ii) by inserting ``, critical technology
areas, or small manufacturers'' after
``geographic areas'';
(B) in clause (i)--
(i) by striking ``(i) In calculating'' and
inserting the following:
``(i) In general.--Except as provided in
clause (iii), in calculating'';
(ii) by inserting ``or companies'' after
``of a company'';
(iii) by striking ``subparagraph (A)'' and
inserting ``subparagraphs (A) and (B)'';
(iv) by striking ``equity''; and
(v) by striking ``the company in a smaller
enterprise'' and all that follows and inserting
the following: ``the company or companies in--
``(I) a small business concern
located in a low-income geographic area
(as defined in section 351 of this
title) or in a rural area (as defined
in section 343(a)(13) of the
Agricultural Act of 1961 (7 U.S.C.
1991(a)(13)));
``(II) a small business concern
operating primarily in a covered
technology category (as defined in
section 149(e) of title 10, United
States Code); or
``(III) a small manufacturer (as
defined in section 501(e)(6) of this
Act).'';
(C) by amending clause (ii) to read as follows:
``(ii) Limitation.--While maintaining the
limitation of subparagraph (A)(i) and
consistent with a leverage determination ratio
issued pursuant to section 301(c), the
aggregate amount excluded for a company or
companies under clause (i) from the calculation
of the outstanding leverage such company or
companies for the purposes of subparagraphs (A)
and (B) may not exceed the lesser of 50 percent
of the private capital of such company or
companies or $125,000,000.''; and
(D) by amending clause (iii) to read as follows:
``(iii) Prospective applicability.--An
investment by a licensee is eligible for
exclusion from the calculation of outstanding
leverage under clause (i) only if such
investment is made by such licensee after the
date of enactment of this clause.''.
Union Calendar No. 185
119th CONGRESS
1st Session
H. R. 2066
[Report No. 119-227]
_______________________________________________________________________
A BILL
To amend the Small Business Investment Act of 1958 to exclude from the
limit on leverage certain amounts invested in smaller enterprises
located in rural or low-income areas and small businesses in critical
technology areas, and for other purposes.
_______________________________________________________________________
August 15, 2025
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed