Investing in All of America Act of 2025

119 HR 2066 EH: Investing in All of America Act of 2025 U.S. House of Representatives 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. IB 119th CONGRESS1st Session H. R. 2066

IN THE HOUSE OF REPRESENTATIVES AN ACT 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 titleThis Act may be cited as the Investing in All of America Act of 2025.

2.Small business investment company maximum leverage exclusion (a)DefinitionsSection 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 a comma; and (ii)by inserting , foundation, endowment, or trust of any 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 new subparagraph: (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 exclusionSection 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 amending clause (ii) to read as follows: (ii) (I)with respect to such a company that makes quarterly or semiannual interest payments $250,000,000; or (II)$175,000,000 with respect to any other company licensed under section 301(c).; (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, $475,000,000; or (ii)$350,000,000 with respect to any other companies licensed under section 301(c) that are commonly controlled.; and (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 generalExcept 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)(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).; (C)by amending clause (ii) to read as follows: (ii)LimitationWhile 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 applicabilityAn 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.. Passed the House of Representatives December 1, 2025.Kevin F. McCumber,Clerk.

HR 2066 ENR: Investing in All of America Act of 2025 U.S. House of Representatives 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. IB One Hundred Nineteenth Congress of the United States of AmericaAt the Second SessionBegun and held at the City of Washington on Saturday, the third day of January, two thousand and twenty-six H. R. 2066 AN ACT 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 titleThis Act may be cited as the Investing in All of America Act of 2025.

2.Small business investment company maximum leverage exclusion (a)DefinitionsSection 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 a comma; and (ii)by inserting , foundation, endowment, or trust of any 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 new subparagraph: (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 exclusionSection 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 amending clause (ii) to read as follows: (ii) (I)with respect to such a company that makes quarterly or semiannual interest payments $250,000,000; or (II)$175,000,000 with respect to any other company licensed under section 301(c).; (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, $475,000,000; or (ii)$350,000,000 with respect to any other companies licensed under section 301(c) that are commonly controlled.; and (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 generalExcept 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)(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).; (C)by amending clause (ii) to read as follows: (ii)LimitationWhile 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 applicabilityAn 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.. Speaker of the House of Representatives.Vice President of the United States and President of the Senate.

119 HR 2066 IH: Investing in All of America Act of 2025 U.S. House of Representatives 2025-03-11 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. I119th CONGRESS1st SessionH. R. 2066IN THE HOUSE OF REPRESENTATIVESMarch 11, 2025Mr. Meuser (for himself and Ms. Scholten) introduced the following bill; which was referred to the Committee on Small BusinessA BILLTo 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 titleThis Act may be cited as the Investing in All of America Act of 2025.2.Small business investment company maximum leverage exclusion(a)DefinitionsSection 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 new subparagraph: (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 exclusionSection 303(b)(2) of the Small Business Investment Act of 1958 (15 U.S.C. 683(b)(2)) is amended—(1)in subparagraph (A)(i), by striking 300 and inserting 200; (2)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 generalExcept 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)(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).; and(C)by amending clause (ii) to read as follows:(ii)LimitationWhile 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 applicabilityAn 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(3)by adding at the end the following new subparagraphs:(E)Annual adjustmentExcept 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 the enactment of this subparagraph, with respect to a dollar amount under subparagraph (B); and(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(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.(F)ExclusionSubparagraph (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)..

119 HR 2066 : Investing in All of America Act of 2025 U.S. House of Representatives 2025-12-02 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. IIB119th CONGRESS1st SessionH. R. 2066IN THE SENATE OF THE UNITED STATESDecember 2, 2025Received; read twice and referred to the Committee on Small Business and EntrepreneurshipAN ACTTo 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 titleThis Act may be cited as the Investing in All of America Act of 2025.2.Small business investment company maximum leverage exclusion(a)DefinitionsSection 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 a comma; and(ii)by inserting , foundation, endowment, or trust of any 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 new subparagraph:(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 exclusionSection 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 amending clause (ii) to read as follows:(ii)(I)with respect to such a company that makes quarterly or semiannual interest payments $250,000,000; or(II)$175,000,000 with respect to any other company licensed under section 301(c).;(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, $475,000,000; or(ii)$350,000,000 with respect to any other companies licensed under section 301(c) that are commonly controlled.; and(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 generalExcept 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)(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).; (C)by amending clause (ii) to read as follows:(ii)LimitationWhile 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 applicabilityAn 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..Passed the House of Representatives December 1, 2025.Kevin F. McCumber,Clerk.

119 HR 2066 RH: Investing in All of America Act of 2025 U.S. House of Representatives 2025-08-15 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. IBUnion Calendar No. 185119th CONGRESS1st SessionH. R. 2066[Report No. 119–227]IN THE HOUSE OF REPRESENTATIVESMarch 11, 2025Mr. Meuser (for himself and Ms. Scholten) introduced the following bill; which was referred to the Committee on Small BusinessAugust 15, 2025Additional sponsors: Mr. Wied, Mr. Fitzpatrick, Ms. King-Hinds, Ms. Davids of Kansas, Mr. Davis of North Carolina, Mr. LaLota, and Mr. VindmanAugust 15, 2025Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printedStrike out all after the enacting clause and insert the part printed in italicFor text of introduced bill, see copy of bill as introduced on March 11, 2025A BILLTo 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 titleThis Act may be cited as the Investing in All of America Act of 2025.2.Small business investment company maximum leverage exclusion(a)DefinitionsSection 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 a comma; and(ii)by inserting , foundation, endowment, or trust of any 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 new subparagraph:(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 exclusionSection 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 amending clause (ii) to read as follows:(ii)(I)with respect to such a company that makes quarterly or semiannual interest payments $250,000,000; or(II)$175,000,000 with respect to any other company licensed under section 301(c).;(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, $475,000,000; or(ii)$350,000,000 with respect to any other companies licensed under section 301(c) that are commonly controlled.; and(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 generalExcept 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)(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).; (C)by amending clause (ii) to read as follows:(ii)LimitationWhile 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 applicabilityAn 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..August 15, 2025Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed