[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4759 Introduced in Senate (IS)]

<DOC>






118th CONGRESS
  2d Session
                                S. 4759

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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 24, 2024

    Mr. Hickenlooper (for himself and Mr. Marshall) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Small Business and Entrepreneurship

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Investing in All of America Act of 
2024''.

SEC. 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 ``, 
                        a''; 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:
                    ``(C) for the purpose of approval by the 
                Administrator of any request for leverage, 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 subclause (I), (II), or (III) of 
                subparagraph (B)(iii).''.
    (b) Maximum Leverage.--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 351) 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 2024.''; 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 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 (b), including the economic 
activity generated and jobs directly and indirectly created by the 
exclusion.
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