Section 1 Short title
This Act may be cited as the “Unifying Small Business Terminology Act of 2016”.
Unifying Small Business Terminology Act of 2016
AN ACT
To amend the Small Business Act to modify the anticipated value of certain contracts reserved exclusively for small business concerns.
Sec. 2 Modification of the anticipated value of certain contracts reserved exclusively for small business concerns
In general— Section 15(j)(1) of the Small Business Act (15 U.S.C. 644(j)(1)) is amended by striking “greater than $2,500 but not greater than $100,000” and inserting “greater than the micro-purchase threshold defined in section 1902(a) of title 41, United States Code, but not greater than the simplified acquisition threshold”.
Technical amendment— Section 3(m) of the Small Business Act (15 U.S.C. 632(m)) is amended to read as follows:
“(m) Simplified acquisition threshold—In this Act, the term simplified acquisition threshold has the meaning given such term in section 134 of title 41, United States Code.”