I
119THCONGRESS
1
STSESSION H. R. 2066
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
MARCH11, 2025
Mr. M
EUSER(for himself and Ms. SCHOLTEN) introduced the following bill;
which was referred to the Committee on Small Business
A BILL
To amend the Small Business Investment Act of 1958 to
exclude from the limit on leverage certain amounts in-
vested 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 Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Investing in All of 4
America Act of 2025’’. 5
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SEC. 2. SMALL BUSINESS INVESTMENT COMPANY MAX-1
IMUM LEVERAGE EXCLUSION. 2
(a) D
EFINITIONS.—Section 103(9) of the Small 3
Business Investment Act of 1958 (15 U.S.C. 662(9)) is 4
amended— 5
(1) in subparagraph (A)(ii), by striking ‘‘and’’ 6
at the end; 7
(2) in subparagraph (B)(iii)— 8
(A) in subclause (I), by striking ‘‘estab-9
lished prior to October 1, 1987’’; 10
(B) in subclause (II)— 11
(i) by striking ‘‘or’’ and inserting ‘‘,’’; 12
and 13
(ii) by inserting ‘‘, or a foundation, 14
endowment, or trust of a college or univer-15
sity’’ after ‘‘pension plan’’; and 16
(C) in subclause (III), by striking the 17
semicolon at the end and inserting ‘‘; and’’; and 18
(3) by adding at the end the following new sub-19
paragraph: 20
‘‘(C) does not include any funds obtained 21
directly or indirectly from any Federal, State or 22
local government or any government agency or 23
instrumentality, except for funds described in 24
subclauses (I) through (III) of subparagraph 25
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(B)(iii), for the purpose of approval by the Ad-1
ministrator of any request for leverage.’’. 2
(b) M
AXIMUMLEVERAGE EXCLUSION.—Section 3
303(b)(2) of the Small Business Investment Act of 1958 4
(15 U.S.C. 683(b)(2)) is amended— 5
(1) in subparagraph (A)(i), by striking ‘‘300’’ 6
and inserting ‘‘200’’; 7
(2) in subparagraph (C)— 8
(A) in the heading— 9
(i) by inserting ‘‘
OR RURAL’’ after 10
‘‘
LOW-INCOME’’; and 11
(ii) by inserting ‘‘,
CRITICAL TECH-12
NOLOGY AREAS, OR SMALL MANUFACTUR -13
ERS’’ after ‘‘GEOGRAPHIC AREAS’’; 14
(B) in clause (i)— 15
(i) by striking ‘‘(i) In calculating’’ and 16
inserting the following: 17
‘‘(i) I
N GENERAL.—Except as pro-18
vided in clause (iii), in calculating’’; 19
(ii) by inserting ‘‘or companies’’ after 20
‘‘of a company’’; 21
(iii) by striking ‘‘subparagraph (A)’’ 22
and inserting ‘‘subparagraphs (A) and 23
(B)’’; 24
(iv) by striking ‘‘equity’’; and 25
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(v) by striking ‘‘the company in a 1
smaller enterprise’’ and all that follows 2
and inserting the following: ‘‘the company 3
or companies in— 4
‘‘(I) a small business concern lo-5
cated in a low-income geographic area 6
(as defined in section 351 of this title) 7
or in a rural area (as defined in sec-8
tion 343(a)(13) of the Agricultural 9
Act of 1961 (7 U.S.C. 1991(a)(13))); 10
‘‘(II) a small business concern 11
operating primarily in a covered tech-12
nology category (as defined in section 13
149(e) of title 10, United States 14
Code); or 15
‘‘(III) a small manufacturer (as 16
defined in section 501(e)(6) of this 17
Act).’’; and 18
(C) by amending clause (ii) to read as fol-19
lows: 20
‘‘(ii) L
IMITATION.—While maintaining 21
the limitation of subparagraph (A)(i) and 22
consistent with a leverage determination 23
ratio issued pursuant to section 301(c), the 24
aggregate amount excluded for a company 25
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or companies under clause (i) from the cal-1
culation of the outstanding leverage such 2
company or companies for the purposes of 3
subparagraphs (A) and (B) may not exceed 4
the lesser of 50 percent of the private cap-5
ital of such company or companies or 6
$125,000,000’’; and 7
(D) by amending clause (iii) to read as fol-8
lows: 9
‘‘(iii) P
ROSPECTIVE APPLICABILITY .— 10
An investment by a licensee is eligible for 11
exclusion from the calculation of out-12
standing leverage under clause (i) only if 13
such investment is made by such licensee 14
after the date of enactment of this 15
clause.’’; and 16
(3) by adding at the end the following new sub-17
paragraphs: 18
‘‘(E) A
NNUAL ADJUSTMENT .—Except as 19
provided in subparagraph (F), the Adminis-20
trator shall adjust the dollar amounts described 21
in subparagraphs (A) and (B)— 22
‘‘(i) on the date of the enactment of 23
this subparagraph, by a percentage equal 24
to the percentage (if any) by which the 25
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Consumer Price Index (all items; United 1
States city average), as published by the 2
Bureau of Labor Statistics, increased dur-3
ing the period— 4
‘‘(I) beginning on December 18, 5
2015, and ending on the date of the 6
enactment of this subparagraph, with 7
respect to a dollar amount under sub-8
paragraph (B); and 9
‘‘(II) beginning on June 21, 10
2018, and ending on the date of the 11
enactment of this subparagraph, with 12
respect to a dollar amount under sub-13
paragraph (A); and 14
‘‘(ii) on the date that is one year after 15
the date of the enactment of this subpara-16
graph, and annually thereafter, by a per-17
centage equal to the percentage (if any) by 18
which the Consumer Price Index (all items; 19
United States city average), as published 20
by the Bureau of Labor Statistics, in-21
creased during the one-year period pre-22
ceding the date of the adjustment under 23
this clause. 24
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‘‘(F) EXCLUSION.—Subparagraph (E) 1
shall not apply with respect to a small business 2
investment company authorized to issue accrual 3
debentures (as defined in section 107.50 of title 4
13, Code of Federal Regulations).’’. 5
Æ
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