119-hr2066

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2066 Reported in House

    (RH) ]

<DOC>

 Union Calendar No. 185
119th CONGRESS
 1st Session
 H. R. 2066

 [Report No. 119-227]

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

 March 11, 2025

 Mr. Meuser (for himself and Ms. Scholten) introduced the following 
 bill; which was referred to the Committee on Small Business

 August 15, 2025

 Additional sponsors: Mr. Wied, Mr. Fitzpatrick, Ms. King-Hinds, Ms. 
 Davids of Kansas, Mr. Davis of North Carolina, Mr. LaLota, and Mr. 
 Vindman

 August 15, 2025

 Reported with an amendment, committed to the Committee of the Whole 
 House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
 in italic]
 [For text of introduced bill, see copy of bill as introduced on March 
 11, 2025]

_______________________________________________________________________

 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 a 
 comma; and
            (ii) by inserting ``, foundation, 
 endowment, or trust of any 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) 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 amending clause
            (ii) to read as follows:
 ``
            (ii) 
            (I) with respect to such a company 
 that makes quarterly or semiannual interest 
 payments $250,000,000; or
 ``
            (II) $175,000,000 with respect to any 
 other company licensed under 

section 301
            (c) .'';

    (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, $475,000,000; 
 or
 ``
            (ii) $350,000,000 with respect to any 
 other companies licensed under 

section 301
            (c) that are commonly controlled.''; and

    (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)

    (13) of the 
 Agricultural Act of 1961 (7 U.S.C. 
 1991

    (a)

    (13) ));
 ``
            (II) a small business concern 
 operating primarily in a covered 
 technology category (as defined in 
 

section 149

    (e) of title 10, United 
 States Code); or
 ``
            (III) a small manufacturer (as 
 defined in 

section 501

    (e)

    (6) of this 
 Act).'';
            (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.''.
 Union Calendar No. 185

119th CONGRESS

 1st Session

 H. R. 2066

 [Report No. 119-227]

_______________________________________________________________________

 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.

_______________________________________________________________________

 August 15, 2025

 Reported with an amendment, committed to the Committee of the Whole 
 House on the State of the Union, and ordered to be printed