118TH CONGRESS 

2D SESSION H. R. 5333 

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 lowincome areas and small businesses in critical technology 

areas, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 
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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Investing in All of 

3 America Act of 2023’’. 

4 SEC. 2. SBIC MAXIMUM LEVERAGE EXCLUSION. 

5 (a) DEFINITIONS.—Section 103(9) of the Small 

6 Business Investment Act of 1958 (15 U.S.C. 662(9)) is 

7 amended— 

8 (1) in subparagraph (A)(ii), by striking ‘‘and’’ 

9 at the end; 

10 (2) in subparagraph (B)(iii)— 

11 (A) in subclause (I), by striking ‘‘estab12 lished prior to October 1, 1987’’; 

13 (B) in subclause (II)— 

14 (i) by striking ‘‘or’’ and inserting ‘‘,’’; 

15 and 

16 (ii) by inserting ‘‘, or a foundation, 

17 endowment, or trust of a college or univer18 sity’’ after ‘‘pension plan’’; and 

19 (C) in subclause (III), by striking the 

20 semicolon at the end and inserting ‘‘; and’’; and 

21 (3) by adding at the end the following new sub22 paragraph: 

23 ‘‘(C) does not include any funds obtained 

24 directly or indirectly from any Federal, State or 

25 local government or any government agency or 

26 instrumentality, except for funds described in 
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1 subclauses (I) through (III) of subparagraph 

2 (B)(iii), for the purpose of approval by the Ad3 ministrator of any request for leverage.’’. 

4 (b) IN GENERAL.—Section 303(b)(2) of the Small 

5 Business Investment Act of 1958 (15 U.S.C. 683(b)(2)) 

6 is amended— 

7 (1) in subparagraph (A)(i), by striking ‘‘300’’ 

8 and inserting ‘‘200’’; 

9 (2) in subparagraph (C)— 

10 (A) in the heading— 

11 (i) by inserting ‘‘OR RURAL’’ after 

12 ‘‘LOW-INCOME’’; and 

13 (ii) by inserting ‘‘OR CRITICAL TECH14 NOLOGY AREAS’’ after ‘‘GEOGRAPHIC

15 AREAS’’; 

16 (B) in clause (i)— 

17 (i) by striking ‘‘(i) In calculating’’ and 

18 inserting the following: 

19 ‘‘(i) IN GENERAL.—Except as pro20 vided in clause (iii), in calculating’’; 

21 (ii) by inserting ‘‘or companies’’ after 

22 ‘‘of a company’’; 

23 (iii) by striking ‘‘subparagraph (A)’’ 

24 and inserting ‘‘subparagraphs (A) and 

25 (B)’’; 
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1 (iv) by striking ‘‘equity’’; 

2 (v) by striking ‘‘the company in a 

3 smaller enterprise’’ and all that follows 

4 and inserting the following: ‘‘the company 

5 or companies in— 

6 ‘‘(I) a smaller enterprise located 

7 in a low-income geographic area (as 

8 defined in section 689 of this title) or 

9 in a rural area; or’’; and 

10 (vi) by adding at the end the following 

11 new subclause: 

12 ‘‘(II) a small business concern in 

13 an area of critical technology (as de14 fined in section 4801 of title 10, 

15 United States Code) vital to maintain16 ing the national security of the United 

17 States.’’; 

18 (C) by amending clause (ii) to read as fol19 lows: 

20 ‘‘(ii) LIMITATION.—While maintaining 

21 the limitation of subparagraph (A)(i) and 

22 consistent with a leverage determination 

23 ratio issued pursuant to section 301(c), the 

24 aggregate amount excluded for a company 

25 or companies under clause (i) from the cal-
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1 culation of the outstanding leverage of 

2 such company or companies for the pur3 poses of subparagraphs (A) and (B) may 

4 not exceed the lesser of 50 percent of the 

5 private capital of such company or compa6 nies or $125,000,000.’’; and 

7 (D) by amending clause (iii) to read as fol8 lows: 

9 ‘‘(iii) PROSPECTIVE APPLICABILITY.— 

10 An investment by a licensee is eligible for 

11 exclusion from the calculation of out12 standing leverage under clause (i) only if 

13 such investment is made by such licensee 

14 after the date of enactment of the Invest15 ing in All of America Act of 2023.’’; and 

16 (3) by adding at the end the following new sub17 paragraphs: 

18 ‘‘(E) ANNUAL ADJUSTMENT.—The Admin19 istrator shall adjust the dollar amounts de20 scribed in subparagraphs (A) and (B)— 

21 ‘‘(i) on the date of the enactment of 

22 this subparagraph, by a percentage equal 

23 to the percentage (if any) by which the 

24 Consumer Price Index (all items; United 

25 States city average), as published by the 
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1 Bureau of Labor Statistics, increased dur2 ing the period— 

3 ‘‘(I) beginning on December 18, 

4 2015, and ending on the date of the 

5 enactment of this subparagraph, for 

6 subparagraph (B); and 

7 ‘‘(II) beginning on June 21, 

8 2018, and ending on the date of the 

9 enactment of this subparagraph, for 

10 subparagraph (A); and 

11 ‘‘(ii) on the date that is one year after 

12 the date of the enactment of this subpara13 graph, and annually thereafter, by a per14 centage equal to the percentage (if any) by 

15 which the Consumer Price Index (all items; 

16 United States city average), as published 

17 by the Bureau of Labor Statistics, in18 creased during the one-year period pre19 ceding the date of the adjustment under 

20 this clause.’’. 

21 (c) REPORT.—Not later than June 30 of the first 

22 year beginning after the date of the enactment of this Act, 

23 and annually thereafter, the Administrator of the Small 

24 Business Administration shall submit to the Committee on 

25 Small Business and Entrepreneurship of the Senate and 
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1 the Committee on Small Business of the House of Rep2 resentatives a report on the results of the exclusion under 

3 subparagraph (C) of section 303(b)(2) of the Small Busi4 ness Investment Act of 1958 (15 U.S.C. 683(b)(2)), as 

5 amended by subsection (a), including the economic activity 

6 generated and jobs directly and indirectly created by the 

7 exclusion. 

Passed the House of Representatives April 29, 2024. 

Attest: 

Clerk. 
118TH CONGRESS 

2D SESSION H. R. 5333 

AN ACT 

To amend the Small Business Investment Act of 

other purposes. businesses in critical technology areas, and for cated in rural or low-income areas and small tain amounts invested in smaller enterprises lo1958 to exclude from the limit on leverage cer-