119-s1917

[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).''.
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