HUBZone Expansion Act of 2015

Bill: 114-s-1266
Sponsor: full_name: Sen. Collins, Susan M. [R-ME]
Introduced: 2015-05-11
Policy area: Commerce
Subjects: Economic development

Government lending and loan guarantees

Military facilities and property

Small business
Latest action: action_date: 2015-05-11
text: Read twice and referred to the Committee on Small Business and Entrepreneurship. (Sponsor introductory remarks on measure: CR S2761-2762)

Summaries:
action_date: 2015-05-11
action_desc: Introduced in Senate
text: <p><b>HUBZone Expansion Act of 2015</b></p> <p>This bill amends the Small Business Act to expand the HUBZone (historically underutilized business zone) program of Small Business Administration loans to small businesses in HUBZone areas for communities affected by base realignment and closure<b>.</b></p> <p>The expansion includes the areas that can be used by small businesses whose principal offices are located in base closure HUBZones, with at least 35% of their employees residing in:</p> <ul> <li> a HUBZone,</li> <li>a census tract in which the base closure HUBZone is wholly contained,</li> <li> a census tract that intersects the boundaries of the base closure HUBZone, or</li> <li> a census tract contiguous with these census tracts.</li> </ul> <p>HUBZone eligibility assistance for base closure areas is extended from five years to eight years after their closure.</p>

tv_txt: II 114th CONGRESS 1st Session S. 1266 IN THE SENATE OF THE UNITED STATES May 11, 2015 Ms. Collins (for herself and Mr. King ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To expand the HUBZone program for communities affected by base realignment and closure, and for other purposes.

1. Short title This Act may be cited as the HUBZone Expansion Act of 2015 . 2. Expanding HUBZone program for communities affected by base realignment and closure (a) In general Section 3(p)(5)(A)(i)(I) of the Small Business Act ( 15 U.S.C. 632(p)(5)(A)(i)(I) ) is amended— (1) in item (aa), by striking or at the end; (2) by redesignating item (bb) as item (cc); and (3) by inserting after item (aa) the following: (bb) pursuant to subparagraph (A), (B), (C), (D), or (E) of paragraph (3), that its principal office is located in a HUBZone described in paragraph (1)(E) (relating to base closure areas) (in this item referred to as the base closure HUBZone ), and that not fewer than 35 percent of its employees reside in— (AA) a HUBZone; (BB) the census tract in which the base closure HUBZone is wholly contained; (CC) a census tract the boundaries of which intersect the boundaries of the base closure HUBZone; or (DD) a census tract the boundaries of which are contiguous to a census tract described in subitem (BB) or (CC); or . (b) Period for base closure areas (1) Amendments (A) In general Section 152(a)(2) of title I of division K of the Consolidated Appropriations Act, 2005 ( 15 U.S.C. 632 note) is amended by striking 5 years and inserting 8 years . (B) Conforming amendment Section 1698(b)(2) of National Defense Authorization Act for Fiscal Year 2013 ( 15 U.S.C. 632 note) is amended by striking 5 years and inserting 8 years . (2) Effective date; applicability The amendments made by paragraph (1) shall— (A) take effect on the date of enactment of this Act; and (B) apply to— (i) a base closure area (as defined in section 3(p)(4)(D) of the Small Business Act ( 15 U.S.C. 632(p)(4)(D) )) that, on the day before the date of enactment of this Act, is treated as a HUBZone described in section 3(p)(1)(E) of the Small Business Act ( 15 U.S.C. 632(p)(1)(E) ) under— (I) section 152(a)(2) of title I of division K of the Consolidated Appropriations Act, 2005 ( 15 U.S.C. 632 note); or (II) section 1698(b)(2) of National Defense Authorization Act for Fiscal Year 2013 ( 15 U.S.C. 632 note); and (ii) a base closure area relating to the closure of a military instillation under the authority described in clauses (i) through (iv) of section 3(p)(4)(D) of the Small Business Act ( 15 U.S.C. 632(p)(4)(D) ) that occurs on or after the date of enactment of this Act.