Supporting America's Innovators Act of 2017

Bill: 115-hr-1219
Sponsor: full_name: Rep. McHenry, Patrick T. [R-NC-10]
Introduced: 2017-02-27
Policy area: Finance and Financial Sector
Subjects: Business investment and capital

Financial services and investments
Latest action: action_date: 2017-04-06
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2017-02-27
action_desc: Introduced in House
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: 2017-03-29
action_desc: Reported to House 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: 2017-04-06
action_desc: Passed House without amendment
text: <p>(This measure has not been amended since it was introduced. The expanded summary of the House 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: I 115th CONGRESS 1st Session H. R. 1219 IN THE HOUSE OF REPRESENTATIVES February 27, 2017 Mr. McHenry (for himself and Ms. Velázquez ) introduced the following bill; which was referred to the Committee on Financial Services 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: IB Union Calendar No. 41 115th CONGRESS 1st Session H. R. 1219 [Report No. 115–70] IN THE HOUSE OF REPRESENTATIVES February 27, 2017 Mr. McHenry (for himself and Ms. Velázquez ) introduced the following bill; which was referred to the Committee on Financial Services March 29, 2017 Additional sponsors: Mr. Hollingsworth , Mr. Sherman , and Mr. Gottheimer March 29, 2017 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed 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 29, 2017 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: IB 115th CONGRESS 1st Session H. R. 1219 IN THE HOUSE OF REPRESENTATIVES 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 House of Representatives April 6, 2017. Karen L. Haas, Clerk.

tv_txt: IIB 115th CONGRESS 1st Session H. R. 1219 IN THE SENATE OF THE UNITED STATES April 6 (legislative day, April 4), 2017 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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 House of Representatives April 6, 2017. Karen L. Haas, Clerk