[Congressional Record Volume 170, Number 120 (Wednesday, July 24, 2024)]
[Senate]
[Pages S5410-S5411]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 3100. Mr. HICKENLOOPER (for himself and Mr. Marshall) submitted an
amendment intended to be proposed by him to the bill S. 4638, to
authorize appropriations for fiscal year 2025 for military activities
of the Department of Defense, for military construction, and for
defense activities of the Department of Energy, to prescribe military
personnel strengths for such fiscal year, and for other purposes; which
was ordered to lie on the table; as follows:
At the end of subtitle D of title VIII, add the following:
SEC. 865. SBIC MAXIMUM LEVERAGE EXCLUSION.
(a) Short Title.--This section may be cited as the
``Investing in All of America Act of 2024''.
(b) 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).''.
(c) Maximum Leverage.--Section 303(b)(2) of the Small
Business Investment Act of 1958 (15 U.S.C. 683(b)(2)) is
amended--
[[Page S5411]]
(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.''.
(d) 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 (c),
including the economic activity generated and jobs directly
and indirectly created by the exclusion.
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