Engrossed in House

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

<DOC>

119th CONGRESS
  1st Session
                                H. R. 2066

_______________________________________________________________________

                                 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.

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.

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

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.''.

            Passed the House of Representatives December 1, 2025.

            Attest:

                                                                 Clerk.
119th CONGRESS

  1st Session

                               H. R. 2066

_______________________________________________________________________

                                 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.