II 118th CONGRESS 2d Session S. 4759 IN THE SENATE OF THE UNITED STATES July 24, 2024 Mr. Hickenlooper (for himself and Mr. Marshall ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL 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 title This Act may be cited as the Investing in All of America Act of 2024 . 2. SBIC maximum leverage exclusion (a) Definitions Section 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 ; 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: (C) for the purpose of approval by the Administrator of any request for leverage, 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 subclause (I), (II), or (III) of subparagraph (B)(iii). . (b) Maximum leverage Section 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 or critical technology areas after geographic areas ; (B) in clause (i)— (i) by striking (i) In calculating and inserting the following: (i) In general Except 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 ; (v) by striking the company in a smaller enterprise and all that follows and inserting the following: the company or companies in— (I) a smaller enterprise located in a low-income geographic area (as defined in section 351) or in a rural area; or ; and (vi) 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) by amending clause (ii) to read as follows: (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. ; and (D) 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 the Investing in All of America Act of 2024 . ; and (3) 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)— (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, for subparagraph (B); and (II) beginning on June 21, 2018, and ending on the date of the enactment of this subparagraph, for 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. . (c) Report Not later than June 30 of the first year beginning after the date of 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 (b), including the economic activity generated and jobs directly and indirectly created by the exclusion.