Investing in All of America Act of 2025 · Reported in House (2025-08-15)

H.R. 2066

119th CONGRESS 1st Session

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 HOUSE OF REPRESENTATIVES · March 11, 2025 · Sponsor: Mr. Meuser · Committee: Committee on Small Business

SEC. 2. Small business investment company maximum leverage exclusion

(a) Definitions

Section 103(9) of the Small Business Investment Act of 1958 () is amended— 15 U.S.C. 662(9)
- in subparagraph (A)(ii), by striking and at the end;
- in subparagraph (B)(iii)—
- by adding at the end the following new subparagraph:

(b) Maximum leverage exclusion

Section 303(b)(2) of the Small Business Investment Act of 1958 () is amended— 15 U.S.C. 683(b)(2)
- in subparagraph (A)—
  - in clause (i), by striking and inserting ; and
    - (ii)
      - with respect to such a company that makes quarterly or semiannual interest payments $250,000,000; or
      - $175,000,000 with respect to any other company licensed under section 301(c).
  - by amending clause (ii) to read as follows:
- in subparagraph (B), by striking 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.
- in subparagraph (C)—
  - in the heading—
    - (i) by inserting after ; and
    - (ii) by inserting after ;
  - in clause (i)—
    - (i) by striking and inserting the following:
      - (i) Except as provided in clause (iii), in calculating
    - (ii) by inserting after ;
    - (iii) by striking subparagraph (A)and inserting subparagraphs (A) and (B);
    - (iv) by striking ; and
    - (v) by striking and all that follows and inserting the following:
      - the company or companies in—
      - 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)
      - a small business concern operating primarily in a covered technology category (as defined in section 149(e) of title 10, United States Code); or
      - a small manufacturer (as defined in section 501(e)(6) of this Act).
      - (ii) 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.
  - by amending clause (ii) to read as follows:
    - (iii) 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.
  - by amending clause (iii) to read as follows:

H.R. 2066

Table of contents

SEC. 1. Short title

SEC. 2. Small business investment company maximum leverage exclusion