118 HR 6591 : Encouraging Success Act U.S. House of Representatives text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

IIB118th CONGRESS2d SessionH. R. 6591IN THE SENATE OF THE UNITED STATESFebruary 29, 2024Received; read twice and referred to the Committee on Small Business and EntrepreneurshipAN ACTTo amend section 8(a) of the Small Business Act to require the Administrator of the Small Business Administration to regularly reassess the asset and net worth thresholds for qualifying as an economically disadvantaged individual, and for other purposes.

1.

Short title

This Act may be cited as the Encouraging Success Act.

2.

Regular reassessment of the thresholds for economically disadvantaged individuals

(a)

In general

Section 8(a)(6) of the Small Business Act (15 U.S.C. 637(a)(6)) is amended by adding at the end the following new subparagraph:(F)(i)Not later than 1 year after the date of the enactment of this subparagraph, and not less frequently than every 4 years thereafter, the Administrator shall assess and, if appropriate, revise the maximum value of asset and the maximum net worth an individual may have to qualify as an economically disadvantaged individual under subparagraph (A) to account for changes in the economy, including inflation and other factors as determined appropriate by the Administrator.(ii)The Administrator shall make each covered revision by issuing a rule after an opportunity for public notice and comment.(iii)To the extent practicable, the Administrator shall coordinate the activities carried out under clause (i) with the activities required under section 1344(a)(2) of the Small Business Jobs Act of 2010 (15 U.S.C. 632 note).(iv)In this subparagraph, the term covered revision means a revision described in clause (i) that the Administrator determines is appropriate pursuant to an assessment under such clause..(b)

Compliance with Cutgo

No additional amounts are authorized to be appropriated to carry out this Act or the amendments made by this Act.

Passed the House of Representatives February 28, 2024.Kevin F. McCumber,Clerk.