118 HR 5333 RH: Investing in All of America Act of 2023
U.S. House of Representatives
2024-04-26
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Union Calendar No. 388
118th CONGRESS
2d Session
H. R. 5333
[Report No. 118–469]
IN THE HOUSE OF REPRESENTATIVES
September 1, 2023
Mr. Meuser (for himself and Ms. Scholten) introduced the following bill; which was referred to the Committee on Small Business
April 26, 2024
Additional sponsors: Mr. Davis of North Carolina, Mr. Alford, Mrs. Kim of California, Mr. Nunn of Iowa, Mr. Luetkemeyer, Ms. Davids of Kansas, Mr. Gottheimer, Mr. Barr, Mr. Landsman, Mr. Garbarino, Mrs. Houchin, Mr. Donalds, Mr. LaLota, and Mr. Fitzpatrick
April 26, 2024
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
Strike out all after the enacting clause and insert the part printed in italic
For text of introduced bill, see copy of bill as introduced on September 1, 2023
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.
1.

Short title
This Act may be cited as the “Investing in All of America Act of 2023”.
2.

SBIC 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 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)

In general
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)(i), by striking “300” and inserting “200”;
(2)
in subparagraph (C)—
(A)
in the heading—
(i)
by inserting “or rural” after “low-income”; and
(ii)
by inserting “or critical technology areas” 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”;
(v)
by striking “the company in a smaller enterprise” and all that follows and inserting the following:
“the company or companies in—
(I)
a smaller enterprise located in a low-income geographic area (as defined in section 689 of this title) or in a rural area; or”; and
(vi)
by adding at the end the following new subclause:
“(II)
a small business concern in an area of critical technology (as defined in section 4801 of title 10, United States Code) vital to maintaining the national security of the United States.”;
(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 of 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 the Investing in All of America Act of 2023.”; and
(3)
by adding at the end the following new subparagraphs:
“(E)

Annual adjustment
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 the enactment of this subparagraph, for subparagraph (B); and
(II)
beginning on June 21, 2018, and ending on the date of the enactment of this subparagraph, for subparagraph (A); and
(ii)
on the date that is one year after the date of the enactment of this subparagraph, 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 one-year period preceding the date of the adjustment under this clause.”.
(c)

Report
Not later than June 30 of the first year beginning after the date of the enactment of this Act, and annually thereafter, the Administrator of the Small Business Administration shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report on the results of the exclusion under subparagraph (C) of section 303(b)(2) of the Small Business Investment Act of 1958 (15 U.S.C. 683(b)(2)), as amended by subsection (a), including the economic activity generated and jobs directly and indirectly created by the exclusion.
April 26, 2024
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed