S.444 - Supporting America's Innovators Act of 2017115th Congress (2017-2018) |
|Sponsor:||Sen. Heitkamp, Heidi [D-ND] (Introduced 02/27/2017)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||House - 09/12/2017 Held at the desk. (All Actions)|
This bill has the status Passed Senate
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.444 — 115th Congress (2017-2018)All Information (Except Text)
Reported to Senate without amendment (03/13/2017)
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Supporting America's Innovators Act of 2017
(Sec. 2) This bill amends the Investment Company Act of 1940 to exempt from the definition of an "investment company," for purposes of specified limitations applicable to such a company under the Act, a qualifying venture capital fund that has no more than 250 investors. Specifically, the bill applies to a venture capital fund that has less than $10 million in aggregate capital contributions and uncalled committed capital.
Under current law, a venture capital fund is considered to be an investment company if it has more than 100 investors.