Us Congress 2025-2026 Regular Session

Us Congress House Bill HB2066 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 2066
5	5	To amend the Small Business Investment Act of 1958 to exclude from
6	6	the limit on leverage certain amounts invested in smaller enterprises
7	7	located in rural or low-income areas and small businesses in critical
8	8	technology areas, and for other purposes.
9	9	IN THE HOUSE OF REPRESENTATIVES
10	10	MARCH11, 2025
11	11	Mr. M
12	12	EUSER(for himself and Ms. SCHOLTEN) introduced the following bill;
13	13	which was referred to the Committee on Small Business
14	14	A BILL
15	15	To amend the Small Business Investment Act of 1958 to
16	16	exclude from the limit on leverage certain amounts in-
17	17	vested in smaller enterprises located in rural or low-
18	18	income areas and small businesses in critical technology
19	19	areas, and for other purposes.
20	20	Be it enacted by the Senate and House of Representa-1
21	21	tives of the United States of America in Congress assembled, 2
22	22	SECTION 1. SHORT TITLE. 3
23	23	This Act may be cited as the ‘‘Investing in All of 4
24	24	America Act of 2025’’. 5
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27	27	•HR 2066 IH
28	28	SEC. 2. SMALL BUSINESS INVESTMENT COMPANY MAX-1
29	29	IMUM LEVERAGE EXCLUSION. 2
30	30	(a) D
31	31	EFINITIONS.—Section 103(9) of the Small 3
32	32	Business Investment Act of 1958 (15 U.S.C. 662(9)) is 4
33	33	amended— 5
34	34	(1) in subparagraph (A)(ii), by striking ‘‘and’’ 6
35	35	at the end; 7
36	36	(2) in subparagraph (B)(iii)— 8
37	37	(A) in subclause (I), by striking ‘‘estab-9
38	38	lished prior to October 1, 1987’’; 10
39	39	(B) in subclause (II)— 11
40	40	(i) by striking ‘‘or’’ and inserting ‘‘,’’; 12
41	41	and 13
42	42	(ii) by inserting ‘‘, or a foundation, 14
43	43	endowment, or trust of a college or univer-15
44	44	sity’’ after ‘‘pension plan’’; and 16
45	45	(C) in subclause (III), by striking the 17
46	46	semicolon at the end and inserting ‘‘; and’’; and 18
47	47	(3) by adding at the end the following new sub-19
48	48	paragraph: 20
49	49	‘‘(C) does not include any funds obtained 21
50	50	directly or indirectly from any Federal, State or 22
51	51	local government or any government agency or 23
52	52	instrumentality, except for funds described in 24
53	53	subclauses (I) through (III) of subparagraph 25
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56	56	•HR 2066 IH
57	57	(B)(iii), for the purpose of approval by the Ad-1
58	58	ministrator of any request for leverage.’’. 2
59	59	(b) M
60	60	AXIMUMLEVERAGE EXCLUSION.—Section 3
61	61	303(b)(2) of the Small Business Investment Act of 1958 4
62	62	(15 U.S.C. 683(b)(2)) is amended— 5
63	63	(1) in subparagraph (A)(i), by striking ‘‘300’’ 6
64	64	and inserting ‘‘200’’; 7
65	65	(2) in subparagraph (C)— 8
66	66	(A) in the heading— 9
67	67	(i) by inserting ‘‘
68	68	OR RURAL’’ after 10
69	69	‘‘
70	70	LOW-INCOME’’; and 11
71	71	(ii) by inserting ‘‘,
72	72	CRITICAL TECH-12
73	73	NOLOGY AREAS, OR SMALL MANUFACTUR -13
74	74	ERS’’ after ‘‘GEOGRAPHIC AREAS’’; 14
75	75	(B) in clause (i)— 15
76	76	(i) by striking ‘‘(i) In calculating’’ and 16
77	77	inserting the following: 17
78	78	‘‘(i) I
79	79	N GENERAL.—Except as pro-18
80	80	vided in clause (iii), in calculating’’; 19
81	81	(ii) by inserting ‘‘or companies’’ after 20
82	82	‘‘of a company’’; 21
83	83	(iii) by striking ‘‘subparagraph (A)’’ 22
84	84	and inserting ‘‘subparagraphs (A) and 23
85	85	(B)’’; 24
86	86	(iv) by striking ‘‘equity’’; and 25
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90	90	(v) by striking ‘‘the company in a 1
91	91	smaller enterprise’’ and all that follows 2
92	92	and inserting the following: ‘‘the company 3
93	93	or companies in— 4
94	94	‘‘(I) a small business concern lo-5
95	95	cated in a low-income geographic area 6
96	96	(as defined in section 351 of this title) 7
97	97	or in a rural area (as defined in sec-8
98	98	tion 343(a)(13) of the Agricultural 9
99	99	Act of 1961 (7 U.S.C. 1991(a)(13))); 10
100	100	‘‘(II) a small business concern 11
101	101	operating primarily in a covered tech-12
102	102	nology category (as defined in section 13
103	103	149(e) of title 10, United States 14
104	104	Code); or 15
105	105	‘‘(III) a small manufacturer (as 16
106	106	defined in section 501(e)(6) of this 17
107	107	Act).’’; and 18
108	108	(C) by amending clause (ii) to read as fol-19
109	109	lows: 20
110	110	‘‘(ii) L
111	111	IMITATION.—While maintaining 21
112	112	the limitation of subparagraph (A)(i) and 22
113	113	consistent with a leverage determination 23
114	114	ratio issued pursuant to section 301(c), the 24
115	115	aggregate amount excluded for a company 25
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118	118	•HR 2066 IH
119	119	or companies under clause (i) from the cal-1
120	120	culation of the outstanding leverage such 2
121	121	company or companies for the purposes of 3
122	122	subparagraphs (A) and (B) may not exceed 4
123	123	the lesser of 50 percent of the private cap-5
124	124	ital of such company or companies or 6
125	125	$125,000,000’’; and 7
126	126	(D) by amending clause (iii) to read as fol-8
127	127	lows: 9
128	128	‘‘(iii) P
129	129	ROSPECTIVE APPLICABILITY .— 10
130	130	An investment by a licensee is eligible for 11
131	131	exclusion from the calculation of out-12
132	132	standing leverage under clause (i) only if 13
133	133	such investment is made by such licensee 14
134	134	after the date of enactment of this 15
135	135	clause.’’; and 16
136	136	(3) by adding at the end the following new sub-17
137	137	paragraphs: 18
138	138	‘‘(E) A
139	139	NNUAL ADJUSTMENT .—Except as 19
140	140	provided in subparagraph (F), the Adminis-20
141	141	trator shall adjust the dollar amounts described 21
142	142	in subparagraphs (A) and (B)— 22
143	143	‘‘(i) on the date of the enactment of 23
144	144	this subparagraph, by a percentage equal 24
145	145	to the percentage (if any) by which the 25
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148	148	•HR 2066 IH
149	149	Consumer Price Index (all items; United 1
150	150	States city average), as published by the 2
151	151	Bureau of Labor Statistics, increased dur-3
152	152	ing the period— 4
153	153	‘‘(I) beginning on December 18, 5
154	154	2015, and ending on the date of the 6
155	155	enactment of this subparagraph, with 7
156	156	respect to a dollar amount under sub-8
157	157	paragraph (B); and 9
158	158	‘‘(II) beginning on June 21, 10
159	159	2018, and ending on the date of the 11
160	160	enactment of this subparagraph, with 12
161	161	respect to a dollar amount under sub-13
162	162	paragraph (A); and 14
163	163	‘‘(ii) on the date that is one year after 15
164	164	the date of the enactment of this subpara-16
165	165	graph, and annually thereafter, by a per-17
166	166	centage equal to the percentage (if any) by 18
167	167	which the Consumer Price Index (all items; 19
168	168	United States city average), as published 20
169	169	by the Bureau of Labor Statistics, in-21
170	170	creased during the one-year period pre-22
171	171	ceding the date of the adjustment under 23
172	172	this clause. 24
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176	176	‘‘(F) EXCLUSION.—Subparagraph (E) 1
177	177	shall not apply with respect to a small business 2
178	178	investment company authorized to issue accrual 3
179	179	debentures (as defined in section 107.50 of title 4
180	180	13, Code of Federal Regulations).’’. 5
181	181	Æ
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