[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1917 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. 1917
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 SENATE OF THE UNITED STATES
May 22, 2025
Mr. Hickenlooper (for himself and Mr. Marshall) introduced the
following bill; which was read twice and referred to the Committee on
Small Business and Entrepreneurship
_______________________________________________________________________
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 ``,'';
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:
``(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 striking clause (ii) and inserting the
following:
``(ii)(I) with respect to such a company
that makes quarterly or semiannual interest
payments, $175,000,000, as adjusted in
accordance with subparagraph (E); or
``(II) $175,000,000 with respect to any
other such company.'';
(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, $350,000,000,
as adjusted in accordance with subparagraph
(E); or
``(ii) $350,000,000 with respect to other
such companies that are commonly controlled.'';
(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) of the Agricultural
Act of 1961 (7 U.S.C. 1991(a)));
``(II) a small business concern
operating primarily in a covered
technology category (as defined in
section 149 of title 10, United States
Code); or
``(III) a small manufacturer (as
defined in section 501(e) of this
Act).''; and
(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.''; and
(4) by adding at the end the following:
``(E) Annual adjustment.--Except as provided in
subparagraph (F), 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
enactment of the Investing in All of
America Act of 2025, with respect to a
dollar amount under subparagraph (B);
and
``(II) beginning on June 21, 2018,
and ending on the date of enactment of
the Investing in All of America Act of
2025, with respect to a dollar amount
under subparagraph (A); and
``(ii) on the date that is 1 year after the
date of enactment of the Investing in All of
America Act of 2025, 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 1-year period preceding
the date of the adjustment under this clause.
``(F) Exclusion.--Subparagraph (E) shall not apply
with respect to a small business investment company
authorized to issue accrual debentures (as defined in
section 107.50 of title 13, Code of Federal
Regulations).''.
<all>