Enrolled Bill

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2066 Enrolled Bill (ENR)]

        H.R.2066

                     One Hundred Nineteenth Congress

                                 of the

                        United States of America

                          AT THE SECOND SESSION

          Begun and held at the City of Washington on Saturday,
          the third day of January, two thousand and twenty-six

                                 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 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.''.

                               Speaker of the House of Representatives.

                            Vice President of the United States and
                                               President of the Senate.