S. 1917

119 S1917 IS: Investing in All of America Act of 2025
 U.S. Senate
 2025-05-22
 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.
  II
  119th CONGRESS
  1st Session
  S. 1917
  IN THE SENATE OF THE UNITED STATES
  May 22, 2025
  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.
1.
Short title
This Act may be cited as the   Investing in All of America Act of 2025  .
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  , ; 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)
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 striking clause (ii) and inserting the following:
(ii)
(I)
with respect to such a company that makes quarterly or semiannual interest payments, $175,000,000, as adjusted in accordance with subparagraph (E); or
(II)
$175,000,000 with respect to any other such company.
  ;
(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, $350,000,000, as adjusted in accordance with subparagraph (E); or
(ii)
$350,000,000 with respect to other such companies that are commonly controlled.
  ;
(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) of the Agricultural Act of 1961 ( 7 U.S.C. 1991(a) ));
(II)
a small business concern operating primarily in a covered technology category (as defined in section 149 of title 10, United States Code); or
(III)
a small manufacturer (as defined in section 501(e) of this Act).
  ; and
(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.
  ; and
(4)
by adding at the end the following:
(E)
Annual adjustment
Except as provided in subparagraph (F), 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 enactment of the  Investing in All of America Act of 2025 , with respect to a dollar amount under subparagraph (B); and
(II)
beginning on June 21, 2018, and ending on the date of enactment of the  Investing in All of America Act of 2025 , with respect to a dollar amount under subparagraph (A); and
(ii)
on the date that is 1 year after the date of enactment of the  Investing in All of America Act of 2025 , 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 1-year period preceding the date of the adjustment under this clause.
(F)
Exclusion
Subparagraph (E) shall not apply with respect to a small business investment company authorized to issue accrual debentures (as defined in section 107.50 of title 13, Code of Federal Regulations).
  .