Investing in All of America Act of 2025 Public Law 119–92 Investing in All of America Act of 2025 92 119–92 Statute Compilation United States House of Representatives Office of the Legislative Counsel 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. GPO Statute Compilations USLM converter, version 20240419 2026-06-26 Investing in All of America Act of 2025 18398 119 2026-05-19 Investing in All of America Act of 2025 [(Public Law 119–92)] [This law has not been amended] [Currency: This publication is a compilation of the text of Public Law 119–92. It was last amended by the public law listed in the As Amended Through note above and below at the bottom of each page of the pdf version and reflects current law through the date of the enactment of the public law listed at https://www.govinfo.gov/app/collection/comps/] [Note: While this publication does not represent an official version of any Federal statute, substantial efforts have been made to ensure the accuracy of its contents. The official version of Federal law is found in the United States Statutes at Large and in the United States Code. The legal effect to be given to the Statutes at Large and the United States Code is established by statute (1 U.S.C. 112, 204).]
AN ACTTo 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. [15 U.S.C. 661 note] 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. (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.” .