Encouraging Success Act

Bill: 118-hr-6591
Sponsor: full_name: Rep. Ellzey, Jake [R-TX-6]
Introduced: 2023-12-05
Policy area: Commerce
Subjects: Business investment and capital

Economic performance and conditions

Small business
Latest action: action_date: 2024-02-29
text: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2023-12-05
action_desc: Introduced in House
text: <p><b>Encouraging Success Act</b></p> <p>This bill requires the Small Business Administration to periodically revise, based on economic changes, the maximum total assets and net worth an individual may have to qualify as an economically disadvantaged individual under the 8(a) Business Development program.</p>

action_date: 2024-02-09
action_desc: Reported to House
text: <p><b>Encouraging Success Act</b></p> <p>This bill requires the Small Business Administration to periodically revise, based on economic changes, the maximum total assets and net worth an individual may have to qualify as an economically disadvantaged individual under the 8(a) Business Development program.</p>

action_date: 2024-02-28
action_desc: Passed House
text: <p><b>Encouraging Success Act</b></p> <p>This bill requires the Small Business Administration to periodically revise, based on economic changes, the maximum total assets and net worth an individual may have to qualify as an economically disadvantaged individual under the 8(a) Business Development program.</p>

tv_txt: IIB 118th CONGRESS 2d Session H. R. 6591 IN THE SENATE OF THE UNITED STATES February 29, 2024 Received; read twice and referred to the Committee on Small Business and Entrepreneurship AN ACT To amend section 8(a) of the Small Business Act to require the Administrator of the Small Business Administration to regularly reassess the asset and net worth thresholds for qualifying as an economically disadvantaged individual, and for other purposes.

1. Short title This Act may be cited as the Encouraging Success Act . 2. Regular reassessment of the thresholds for economically disadvantaged individuals (a) In general Section 8(a)(6) of the Small Business Act ( 15 U.S.C. 637(a)(6) ) is amended by adding at the end the following new subparagraph: (F) (i) Not later than 1 year after the date of the enactment of this subparagraph, and not less frequently than every 4 years thereafter, the Administrator shall assess and, if appropriate, revise the maximum value of asset and the maximum net worth an individual may have to qualify as an economically disadvantaged individual under subparagraph (A) to account for changes in the economy, including inflation and other factors as determined appropriate by the Administrator. (ii) The Administrator shall make each covered revision by issuing a rule after an opportunity for public notice and comment. (iii) To the extent practicable, the Administrator shall coordinate the activities carried out under clause (i) with the activities required under section 1344(a)(2) of the Small Business Jobs Act of 2010 ( 15 U.S.C. 632 note). (iv) In this subparagraph, the term covered revision means a revision described in clause (i) that the Administrator determines is appropriate pursuant to an assessment under such clause. . (b) Compliance with Cutgo No additional amounts are authorized to be appropriated to carry out this Act or the amendments made by this Act.

Passed the House of Representatives February 28, 2024. Kevin F. McCumber, Clerk.

tv_txt: IB 118th CONGRESS 2d Session H. R. 6591 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend section 8(a) of the Small Business Act to require the Administrator of the Small Business Administration to regularly reassess the asset and net worth thresholds for qualifying as an economically disadvantaged individual, and for other purposes.

1. Short title This Act may be cited as the Encouraging Success Act . 2. Regular reassessment of the thresholds for economically disadvantaged individuals (a) In general Section 8(a)(6) of the Small Business Act ( 15 U.S.C. 637(a)(6) ) is amended by adding at the end the following new subparagraph: (F) (i) Not later than 1 year after the date of the enactment of this subparagraph, and not less frequently than every 4 years thereafter, the Administrator shall assess and, if appropriate, revise the maximum value of asset and the maximum net worth an individual may have to qualify as an economically disadvantaged individual under subparagraph (A) to account for changes in the economy, including inflation and other factors as determined appropriate by the Administrator. (ii) The Administrator shall make each covered revision by issuing a rule after an opportunity for public notice and comment. (iii) To the extent practicable, the Administrator shall coordinate the activities carried out under clause (i) with the activities required under section 1344(a)(2) of the Small Business Jobs Act of 2010 ( 15 U.S.C. 632 note). (iv) In this subparagraph, the term covered revision means a revision described in clause (i) that the Administrator determines is appropriate pursuant to an assessment under such clause. . (b) Compliance with Cutgo No additional amounts are authorized to be appropriated to carry out this Act or the amendments made by this Act.

Passed the House of Representatives February 28, 2024. Cheryl L. Johnson, Clerk.

tv_txt: IB Union Calendar No. 310 118th CONGRESS 2d Session H. R. 6591 [Report No. 118–379] IN THE HOUSE OF REPRESENTATIVES December 5, 2023 Mr. Ellzey introduced the following bill; which was referred to the Committee on Small Business February 9, 2024 Additional sponsors: Mr. Moran and Mr. Thanedar February 9, 2024 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on December 5, 2023 A BILL To amend section 8(a) of the Small Business Act to require the Administrator of the Small Business Administration to regularly reassess the asset and net worth thresholds for qualifying as an economically disadvantaged individual, and for other purposes.

1. Short title This Act may be cited as the Encouraging Success Act . 2. Regular reassessment of the thresholds for economically disadvantaged individuals (a) In general Section 8(a)(6) of the Small Business Act ( 15 U.S.C. 637(a)(6) ) is amended by adding at the end the following new subparagraph: (F) (i) Not later than one year after the date of the enactment of this subparagraph, and not less frequently than every four years thereafter, the Administrator shall assess and, if appropriate, revise the maximum value of asset and the maximum net worth an individual may have to qualify as an economically disadvantaged individual under subparagraph (A) to account for changes in the economy, including inflation and other factors as determined appropriate by the Administrator. (ii) The Administrator shall make each covered revision by issuing a rule after an opportunity for public notice and comment. (iii) To the extent practicable, the Administrator shall coordinate the activities carried out under clause (i) with the activities required under section 1344(a)(2) of the Small Business Jobs Act of 2010 ( 15 U.S.C. 632 note). (iv) In this subparagraph, the term covered revision means a revision described in clause (i) that the Administrator determines is appropriate pursuant to an assessment under such clause. . (b) Compliance with Cutgo No additional amounts are authorized to be appropriated to carry out this Act or the amendments made by this Act.

February 9, 2024 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

tv_txt: I 118th CONGRESS 1st Session H. R. 6591 IN THE HOUSE OF REPRESENTATIVES December 5, 2023 Mr. Ellzey introduced the following bill; which was referred to the Committee on Small Business A BILL To amend section 8(a) of the Small Business Act to require the Administrator of the Small Business Administration to regularly reassess the asset and net worth thresholds for qualifying as an economically disadvantaged individual, and for other purposes.

1. Short title This Act may be cited as the Encouraging Success Act . 2. Regular reassessment of the thresholds for economically disadvantaged individuals (a) In general Section 8(a)(6) of the Small Business Act ( 15 U.S.C. 637(a)(6) ) is amended by adding at the end the following new subparagraph: (F) (i) Not later than one year after the date of the enactment of this subparagraph, and not less frequently than every four years thereafter, the Administrator shall assess and, if appropriate, revise the maximum value of asset and the maximum net worth an individual may have to qualify as an economically disadvantaged individual under subparagraph (A) to account for changes in the economy, including inflation and other factors as determined appropriate by the Administrator. (ii) The Administrator shall make each covered revision by issuing a rule after an opportunity for public notice and comment. (iii) To the extent practicable, the Administrator shall coordinate the activities carried out under clause (i) with the activities required under section 1344(a)(2) of the Small Business Jobs Act of 2010 ( 15 U.S.C. 632 note). (iv) In this subparagraph, the term covered revision means a revision described in clause (i) that the Administrator determines is appropriate pursuant to an assessment under such clause. . (b) Compliance with CUTGO No additional amounts are authorized to be appropriated to carry out this Act or the amendments made by this Act. Such Act and the amendments made by this Act shall be carried out using amounts otherwise appropriated to the Administrator of the Small Business Administration.