[119th Congress Public Law 92]
[From the U.S. Government Publishing Office]
[[Page 140 STAT. 825]]
Public Law 119-92
119th Congress
An Act
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. <<NOTE: May 19, 2026 - [H.R.
2066]>>
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, <<NOTE: Investing in All
of America Act of 2025.>>
SECTION 1. <<NOTE: 15 USC 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).'';
[[Page 140 STAT. 826]]
(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
[[Page 140 STAT. 827]]
such investment is made by such licensee after the
date of enactment of this clause.''.
Approved May 19, 2026.
LEGISLATIVE HISTORY--H.R. 2066:
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HOUSE REPORTS: No. 119-227 (Comm. on Small Business).
CONGRESSIONAL RECORD:
Vol. 171 (2025):
Dec. 1, considered and passed House.
Vol. 172 (2026):
Apr. 15, considered and passed
Senate.
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