[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4253 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4253

 To amend the Small Business Act to change the net worth amount under 
the small business program for socially and economically disadvantaged 
     individuals from $750,000 to $978,722, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                            December 9, 2009

 Mr. Butterfield introduced the following bill; which was referred to 
                    the Committee on Small Business

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                                 A BILL


 
 To amend the Small Business Act to change the net worth amount under 
the small business program for socially and economically disadvantaged 
     individuals from $750,000 to $978,722, 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. DOLLAR LIMIT FOR DETERMINING ECONOMICALLY DISADVANTAGED 
              INDIVIDUALS UNDER SMALL BUSINESS ACT.

    (a) Amendment of Section 8(a).--Subparagraph (A) of section 8(a)(6) 
of the Small Business Act (15 U.S.C.637(a)(6)(A)) is amended by adding 
the following at the end thereof: ``In taking into account the net 
worth of a socially disadvantaged individual under this subparagraph 
for purposes of determining if such individual is economically 
disadvantaged, the Administrator shall consider a net worth of less 
than $978,722 as indicating that the individual is economically 
disadvantaged. For each calendar year after calendar year 2009, the 
Administrator shall adjust such $978,722 amount for inflation using the 
Bureau of Labor Statistics inflation calculator.''.
    (b) Federal Contract Compliance.--Subparagraph (C) of section 
8(d)(3) of the Small Business Act (15 U.S.C.637(d)(3)(C)) is amended by 
adding the following at the end thereof: ``The contractor shall presume 
that a social disadvantage individual is economically disadvantaged if 
such individual's net worth, as determined in accordance with this 
section is less than $978,722, adjusted for inflation as provided in 
subparagraph (A) of subsection (a)(6).''.
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