US Codex
Bill
Notes

H.R. 5333 — what changed

Investing in All of America Act of 2023

From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.

Sec. 2 SBIC maximum leverage exclusion

(a)
added Definitions— Section 103(9) of the Small Business Investment Act of 1958 (15 U.S.C. 662(9)) is amended—
(1)
added in subparagraph (A)(ii), by striking “and” at the end;
(2)
added in subparagraph (B)(iii)—
(A)
added in subclause (I), by striking “established prior to October 1, 1987”;
(B)
added in subclause (II)—
(i)
added by striking “or” and inserting “,”; and
(ii)
added by inserting “, or a foundation, endowment, or trust of a college or university” after “pension plan”; and
(C)
added in subclause (III), by striking the semicolon at the end and inserting “; and”; and
(3)
added by adding at the end the following new subparagraph:

added “(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)
renumbered was (2) In general— Section 303(b)(2) of the Small Business Investment Act of 1958 (15 U.S.C. 683(b)(2)) is amended—
(1)
added in subparagraph (A)(i), by striking “300” and inserting “200”;
(2)
renumbered was (2)(3) in subparagraph (C)—
(A)
renumbered was (2)(3)(2) in the heading—
(i)
renumbered was (2)(3)(2)(2) by inserting “or rural” after “low-income”; and
(ii)
renumbered was (2)(3)(2)(3) by inserting “or critical technology areas” after “geographic areas”;
(B)
renumbered was (2)(3)(3) in clause (i)—
(i)
added by striking “(i) In calculating” and inserting the following:

added “(i) In general—Except as provided in clause (iii), in calculating”

(ii)
renumbered was (2)(3)(3)(2) by inserting “or companies” after “of a company”;
(iii)
renumbered was (2)(3)(3)(3) by striking “subparagraph (A)” and inserting “subparagraphs (A) and (B)”;
(iv)
renumbered was (2)(3)(3)(4) by striking “equity”;
(v)
renumbered was (2)(3)(3)(5) by striking “the company in a smaller enterprise” and all that follows and inserting the following:

“(I) a smaller enterprise located in a low-income geographic area (as defined in section 689 of this title) or in a rural area; or”

(vi)
renumbered was (2)(3)(3)(6) 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)
renumbered was (2)(3)(4) by amending clause (ii) to read as follows:

added “(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.”

(D)
added by amending clause (iii) to read as follows:

added “(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 2023.”

removed “(ii) Limitation—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 50 percent of the private capital of such company or companies.”

(D)
removed by striking clause (iii); and
(3)
renumbered was (2)(4) 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)—

added “(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—

added “(I) beginning on December 18, 2015, and ending on the date of the enactment of this subparagraph, for subparagraph (B); and

added “(II) beginning on June 21, 2018, and ending on the date of the enactment of this subparagraph, for subparagraph (A); and

removed “(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 beginning on the date of the most recent adjustment to each such dollar amount and the date of the enactment of this subparagraph; 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.”

(c)
renumbered was (3) Report— Not later than June 30 of the first year beginning after the date of the 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 (a), including the economic activity generated and jobs directly and indirectly created by the exclusion.