Supporting America's Innovators Act of 2017

Bill: 115-s-444
Sponsor: full_name: Sen. Heitkamp, Heidi [D-ND]
Introduced: 2017-02-27
Policy area: Finance and Financial Sector
Subjects: Business investment and capital

Financial services and investments
Latest action: action_date: 2017-09-12
text: Held at the desk.

Summaries:
action_date: 2017-02-27
action_desc: Introduced in Senate
text: <p><strong>Supporting America's Innovators Act of 2017</strong></p> <p>This bill amends the Investment Company Act of 1940 to&nbsp;exempt from the&nbsp;definition of an "investment company," for purposes of&nbsp;specified limitations&nbsp;applicable to such&nbsp;a company&nbsp;under the Act,&nbsp;a qualifying venture capital fund that has no more than 250 investors. Specifically, the bill applies to a venture&nbsp;capital fund&nbsp;that has less than $10 million in aggregate capital contributions and uncalled committed capital.</p> <p>Under current law, a venture capital fund is considered to be an investment company if it has more than 100 investors.</p>

action_date: 2017-03-13
action_desc: Reported to Senate without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p><strong>Supporting America's Innovators Act of 2017</strong></p> <p>(Sec. 2) This bill amends the Investment Company Act of 1940 to&nbsp;exempt from the&nbsp;definition of an "investment company," for purposes of&nbsp;specified limitations&nbsp;applicable to such&nbsp;a company&nbsp;under the Act,&nbsp;a qualifying venture capital fund that has no more than 250 investors. Specifically, the bill applies to a venture&nbsp;capital fund&nbsp;that has less than $10 million in aggregate capital contributions and uncalled committed capital.</p> <p>Under current law, a venture capital fund is considered to be an investment company if it has more than 100 investors.</p>

action_date: 2017-09-11
action_desc: Passed Senate without amendment
text: <p>(This measure has not been amended since it was introduced. The expanded summary of the Senate reported version is repeated here.) </p><p><strong>Supporting America's Innovators Act of 2017</strong></p> <p>(Sec. 2) This bill amends the Investment Company Act of 1940 to&nbsp;exempt from the&nbsp;definition of an "investment company," for purposes of&nbsp;specified limitations&nbsp;applicable to such&nbsp;a company&nbsp;under the Act,&nbsp;a qualifying venture capital fund that has no more than 250 investors. Specifically, the bill applies to a venture&nbsp;capital fund&nbsp;that has less than $10 million in aggregate capital contributions and uncalled committed capital.</p> <p>Under current law, a venture capital fund is considered to be an investment company if it has more than 100 investors.</p>

tv_txt: II 115th CONGRESS 1st Session S. 444 IN THE SENATE OF THE UNITED STATES February 27, 2017 Ms. Heitkamp (for herself and Mr. Heller ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Investment Company Act of 1940 to expand the investor limitation for qualifying venture capital funds under an exemption from the definition of an investment company.

1. Short title This Act may be cited as the Supporting America’s Innovators Act of 2017 . 2. Investor limitation for qualifying venture capital funds Section 3(c)(1) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3(c)(1) ) is amended— (1) in the matter preceding subparagraph (A), by inserting (or, in the case of a qualifying venture capital fund, 250 persons) after one hundred persons ; and (2) by adding at the end the following: (C) (i) The term qualifying venture capital fund means a venture capital fund that has not more than $10,000,000 in aggregate capital contributions and uncalled committed capital, with such dollar amount to be indexed for inflation once every 5 years by the Commission, beginning from a measurement made by the Commission on a date selected by the Commission, rounded to the nearest $1,000,000. (ii) The term venture capital fund has the meaning given the term in section 275.203(l)–1 of title 17, Code of Federal Regulations, or any successor regulation. .

tv_txt: II Calendar No. 12 115th CONGRESS 1st Session S. 444 IN THE SENATE OF THE UNITED STATES February 27, 2017 Ms. Heitkamp (for herself, Mr. Heller , and Mr. Warner ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs March 13, 2017 Reported by Mr. Crapo , without amendment A BILL To amend the Investment Company Act of 1940 to expand the investor limitation for qualifying venture capital funds under an exemption from the definition of an investment company.

1. Short title This Act may be cited as the Supporting America’s Innovators Act of 2017 . 2. Investor limitation for qualifying venture capital funds Section 3(c)(1) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3(c)(1) ) is amended— (1) in the matter preceding subparagraph (A), by inserting (or, in the case of a qualifying venture capital fund, 250 persons) after one hundred persons ; and (2) by adding at the end the following: (C) (i) The term qualifying venture capital fund means a venture capital fund that has not more than $10,000,000 in aggregate capital contributions and uncalled committed capital, with such dollar amount to be indexed for inflation once every 5 years by the Commission, beginning from a measurement made by the Commission on a date selected by the Commission, rounded to the nearest $1,000,000. (ii) The term venture capital fund has the meaning given the term in section 275.203(l)–1 of title 17, Code of Federal Regulations, or any successor regulation. .

March 13, 2017 Reported without amendment

tv_txt: 115th CONGRESS 1st Session S. 444 IN THE SENATE OF THE UNITED STATES AN ACT To amend the Investment Company Act of 1940 to expand the investor limitation for qualifying venture capital funds under an exemption from the definition of an investment company.

1. Short title This Act may be cited as the Supporting America’s Innovators Act of 2017 . 2. Investor limitation for qualifying venture capital funds Section 3(c)(1) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3(c)(1) ) is amended— (1) in the matter preceding subparagraph (A), by inserting (or, in the case of a qualifying venture capital fund, 250 persons) after one hundred persons ; and (2) by adding at the end the following: (C) (i) The term qualifying venture capital fund means a venture capital fund that has not more than $10,000,000 in aggregate capital contributions and uncalled committed capital, with such dollar amount to be indexed for inflation once every 5 years by the Commission, beginning from a measurement made by the Commission on a date selected by the Commission, rounded to the nearest $1,000,000. (ii) The term venture capital fund has the meaning given the term in section 275.203(l)–1 of title 17, Code of Federal Regulations, or any successor regulation. .

Passed the Senate September 11, 2017. Secretary