H.R. 2066 — what changed
Investing in All of America Act of 2025
From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.
Sec. 2 Small business investment company maximum leverage exclusion
Definitions— Section 103(9) of the Small Business Investment Act of 1958 (15 U.S.C. 662(9)) is amended—
in subparagraph (A)(ii), by striking “and” at the end;
in subparagraph (B)(iii)—
in subclause (I), by striking “established prior to October 1, 1987”;
in subclause (II)—
changed
by striking “or” and inserting “,”; a comma; and
changed
by inserting “, or a foundation, endowment, or trust of a any college or university” after “pension plan”; and
in subclause (III), by striking the semicolon at the end and inserting “; and”; and
by adding at the end the following new subparagraph:
changed
“(C) does not include any funds obtained directly or indirectly from any Federal, State 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.”
Maximum leverage exclusion— Section 303(b)(2) of the Small Business Investment Act of 1958 (15 U.S.C. 683(b)(2)) is amended—
changed
in subparagraph (A)(i), by striking “300” and inserting “200”;(A)—
added
in clause (i), by striking “300” and inserting “200”; and
added
by amending clause (ii) to read as follows:
added “(ii)
added “(I) with respect to such a company that makes quarterly or semiannual interest payments $250,000,000; or
added “(II) $175,000,000 with respect to any other company licensed under section 301(c).”
added
in subparagraph (B), by striking “may not exceed $350,000,000.” and inserting the following “may not exceed—
added “(i) with respect to such companies that are commonly controlled and that make quarterly or semiannual interest payments, $475,000,000; or
added “(ii) $350,000,000 with respect to any other companies licensed under section 301(c) that are commonly controlled.”
renumbered
was (3)(4)
in subparagraph (C)—
renumbered
was (3)(4)(2)
in the heading—
renumbered
was (3)(4)(2)(2)
by inserting “or rural” after “low-income”; and
renumbered
was (3)(4)(2)(3)
by inserting “, critical technology areas, or small manufacturers” after “geographic areas”;
renumbered
was (3)(4)(3)
in clause (i)—
renumbered
was (3)(4)(3)(2)
by striking “(i) In calculating” and inserting the following:
“(i) In general—Except as provided in clause (iii), in calculating”
renumbered
was (3)(4)(3)(3)
by inserting “or companies” after “of a company”;
renumbered
was (3)(4)(3)(4)
by striking “subparagraph (A)” and inserting “subparagraphs (A) and (B)”;
renumbered
was (3)(4)(3)(5)
by striking “equity”; and
renumbered
was (3)(4)(3)(6)
by striking “the company in a smaller enterprise” and all that follows and inserting the following:
“(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).”
renumbered
was (3)(4)(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 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.”
removed
“(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”
renumbered
was (3)(4)(5)
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.”
removed
by adding at the end the following new subparagraphs:
removed
“(E) Annual adjustment—Except as provided in subparagraph (F), the Administrator shall adjust the dollar amounts described in subparagraphs (A) and (B)—
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—
removed
“(I) beginning on December 18, 2015, and ending on the date of the enactment of this subparagraph, with respect to a dollar amount under subparagraph (B); and
removed
“(II) beginning on June 21, 2018, and ending on the date of the enactment of this subparagraph, with respect to a dollar amount under subparagraph (A); and
removed
“(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.
removed
“(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).”