[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5333 Referred in Senate (RFS)]
<DOC>
118th CONGRESS
2d Session
H. R. 5333
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 30, 2024
Received; read twice and referred to the Committee on Small Business
and Entrepreneurship
_______________________________________________________________________
AN ACT
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
2023''.
SEC. 2. SBIC 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 ``,'';
and
(ii) by inserting ``, or a foundation,
endowment, or trust of a 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) In General.--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)(i), by striking ``300'' and
inserting ``200'';
(2) in subparagraph (C)--
(A) in the heading--
(i) by inserting ``or rural'' after ``low-
income''; and
(ii) by inserting ``or critical technology
areas'' 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'';
(v) by striking ``the company in a smaller
enterprise'' and all that follows and inserting
the following: ``the company or companies in--
``(I) a smaller enterprise located
in a low-income geographic area (as
defined in section 689 of this title)
or in a rural area; or''; and
(vi) by adding at the end the following new
subclause:
``(II) a small business concern in
an area of critical technology (as
defined in section 4801 of title 10,
United States Code) vital to
maintaining the national security of
the United States.'';
(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 of 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 the Investing in All of
America Act of 2023.''; and
(3) by adding at the end the following new subparagraphs:
``(E) Annual adjustment.--The Administrator shall
adjust the dollar amounts described in subparagraphs
(A) and (B)--
``(i) on the date of the enactment of this
subparagraph, by a percentage equal to the
percentage (if any) by which the Consumer Price
Index (all items; United States city average),
as published by the Bureau of Labor Statistics,
increased during the period--
``(I) beginning on December 18,
2015, and ending on the date of the
enactment of this subparagraph, for
subparagraph (B); and
``(II) beginning on June 21, 2018,
and ending on the date of the enactment
of this subparagraph, for subparagraph
(A); and
``(ii) on the date that is one year after
the date of the enactment of this subparagraph,
and annually thereafter, by a percentage equal
to the percentage (if any) by which the
Consumer Price Index (all items; United States
city average), as published by the Bureau of
Labor Statistics, increased during the one-year
period preceding the date of the adjustment
under this clause.''.
(c) Report.--Not later than June 30 of the first year beginning
after the date of the enactment of this Act, and annually thereafter,
the Administrator of the Small Business Administration shall submit to
the Committee on Small Business and Entrepreneurship of the Senate and
the Committee on Small Business of the House of Representatives a
report on the results of the exclusion under subparagraph (C) of
section 303(b)(2) of the Small Business Investment Act of 1958 (15
U.S.C. 683(b)(2)), as amended by subsection (a), including the economic
activity generated and jobs directly and indirectly created by the
exclusion.
Passed the House of Representatives April 29, 2024.
Attest:
KEVIN F. MCCUMBER,
Clerk.