Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Problem:SECTION 1. SHORT TITLE.

This Act may be cited as the ''Save America's Biotechnology
Innovative Research Act of 2005'' or ''SABIR Act''.

SEC. 2. ELIGIBILITY FOR PARTICIPATION IN SMALL BUSINESS INNOVATION
RESEARCH PROGRAM.

(a) In General.--Section 9 of the Small Business Act (15 U.S.C.
638) is amended by adding at the end the following new subsection:
''(x) Eligibility for Participation in SBIR Program.--
''(1) In general.--To be eligible to receive an award under
the SBIR program, a business concern--
''(A) shall have not more than 500 employees; and
''(B) shall be owned in accordance with one of the
ownership requirements described in paragraph (2).
''(2) Ownership requirements.--The ownership requirements
referred to in paragraph (1) are the following:
''(A) The business concern is--
''(i) at least 51 percent owned and
controlled by individuals or eligible venture
capital companies, who are citizens of or
permanent resident aliens in the United States;
and
''(ii) not more than 49 percent owned and
controlled by a single eligible venture capital
company (or group of commonly-controlled
eligible venture capital companies).
''(B) The business concern is at least 51 percent
owned and controlled by another business concern that
is itself at least 51 percent owned and controlled by
individuals who are citizens of or permanent resident
aliens in the United States.
''(C) The business concern is a joint venture in
which each entity to the joint venture meets one of the
ownership requirements under this paragraph.
''(3) Employee defined.--For purposes of paragraph (1)(A),
the term 'employee' means an individual employed by the
business concern and does not include--
''(A) an individual employed by an eligible venture
capital company providing financing to the business
concern; or
''(B) an individual employed by any entity in which
the eligible venture capital company is invested other
than that business concern.
''(4) Treatment of other forms of ownership.--
''(A) Stock option ownership.--For purposes of this
subsection, in the case of a business concern owned in
whole or in part by an employee stock option plan, each
stock trustee or plan member shall be deemed to be an
owner.
''(B) Trust ownership.--For purposes of this
subsection, in the case of a business concern owned in
whole or in part by a trust, each trustee or trust
beneficiary shall be deemed to be an owner.
''(5) Exception for start-up concerns.--Notwithstanding
paragraphs (1) through (4), any business concern that is a
start-up concern shall be eligible to receive funding under the
SBIR program.''.
(b) Definitions.--Section 9(e) of the Small Business Act (15 U.S.C.
638(e)) is amended by adding at the end the following new paragraphs:
''(9) The term 'eligible venture capital company' means a
business concern--
''(A) that--
''(i) is a Venture Capital Operating
Company, as that term is defined in regulations
promulgated by the Secretary of Labor; or
''(ii) is an entity that--
''(I) is registered under the
Investment Company Act of 1940 (15
U.S.C. 80a-51 et seq.); or
''(II) is an investment company, as
defined in section 3(c)(14) of such Act
(15 U.S.C. 80a-3(c)(14)), which is not
registered under such Act because it is
beneficially owned by less than 100
persons; and
''(B) that is not controlled by any business
concern that is not a small business concern within the
meaning of section 3.
''(10) The term 'start-up concern' means a business concern
that--
''(A) for at least 2 of the 3 preceding fiscal
years has had--
''(i) sales of not more than $3,000,000; or
''(ii) no positive cash flow from
operations; and
''(B) is not formed to acquire any business concern
other than a small business concern that meets the
requirement under subparagraph (A).''.
(c) Regulations.--Before the date that is 90 days after the date of
the enactment of this Act, the Administrator of the Small Business
Administration shall--
(1) in accordance with the exceptions to public rulemaking
under section 553(b)(A) and (B) of title 5, United States Code,
promulgate regulations to implement the provisions of this Act;
(2) publish in the Federal Register a notification of the
changes in eligibility for participation in the Small Business
Innovation Research program made by this Act; and
(3) communicate such changes to Federal agencies that award
grants under the Small Business Innovation Research program.
(d) Effective Date.--The amendments made by this Act shall apply
with respect to any business concern that participates in the Small
Business Innovation Research program on or after the date of the
enactment of this Act.
Solution:
Save America's Biotechnology Innovative Research Act of 2005 or SABIR Act - Amends provisions of the Small Business Act relating to the Small Business Innovation Research (SBIR) Program (a program under which a portion of a Federal agency's research or research and development funds are reserved for award to small businesses) to require a small business, in order to be SBIR-eligible, to have no more than 500 employees and be one of the following; (1) at least 51 percent owned and controlled by individuals or eligible venture capital companies who are U.S. citizens or permanent resident aliens; (2) not more than 49 percent owned and controlled by a single eligible venture capital company; (3) at least 51 percent owned and controlled by another business that is itself at least 51 percent owned and controlled by U.S. Citizens or permanent resident aliens; or (4) a joint venture in which each entity meets one of these ownership requirements.