Investing in All of America Act of 2025 — H. R. 2066 (119th Congress, 1st Session)
Summary
H. R. 2066, the Investing in All of America Act of 2025, a bill of the 119th Congress, 1st Session, introduced in the House of Representatives on March 11, 2025 by Meuser (for himself and Scholten) and reported with an amendment on August 15, 2025 (Report No. 119–227). It amends the Small Business Investment Act of 1958 to exclude from the limit on leverage certain amounts invested in smaller enterprises located in rural or low-income areas and small businesses in critical technology areas. Section 2 sets figures of $250,000,000 for a company that makes quarterly or semiannual interest payments and $175,000,000 for any other company licensed under section 301(c). The excluded aggregate amount may not exceed the lesser of 50 percent of the private capital of such company or companies or $125,000,000.
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- Issuer
- Congressional materials
- Document type
- 407344 2025 12 01 House Committee On Small Business Celebrates Five Att0
- Date
- 2025-12-01
- Case
- 407344 2025 12 01 House Committee On Small Business Celebrates Five Att0
Cite this document
“Investing in All of America Act of 2025 — H. R. 2066 (119th Congress, 1st Session).”
Dated 2025-12-01. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2025-12-01-407344-2025-12-01-house-committee-on-small-business-celebrates-five-att0/
, SHA-256 8ca5095e5b1dbdb084fd22e26c4b49dcad8608b292c26dc981a2dcfa4b8c3857.Full text
IB
Union Calendar No. 185
119TH CONGRESS
1ST SESSION
H. R. 2066
[Report No. 119–227]
To amend the Small Business Investment Act of 1958 to exclude from
the limit on leverage certain amounts invested in smaller enterprises
located in rural or low-income areas and small businesses in critical
technology areas, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH 11, 2025
Mr. MEUSER (for himself and Ms. SCHOLTEN) introduced the following bill;
which was referred to the Committee on Small Business
AUGUST 15, 2025
Additional sponsors: Mr. WIED, Mr. FITZPATRICK, Ms. KING-HINDS, Ms. DA-
VIDS of Kansas, Mr. DAVIS of North Carolina, Mr. LALOTA, and Mr.
VINDMAN
AUGUST 15, 2025
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 March 11, 2025]
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A BILL
To amend the Small Business Investment Act of 1958 to
exclude from the limit on leverage certain amounts in-
vested in smaller enterprises located in rural or low-
income areas and small businesses in critical technology
areas, and for other purposes.
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1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Investing in All of Amer-
5 ica Act of 2025’’.
6 SEC. 2. SMALL BUSINESS INVESTMENT COMPANY MAXIMUM
7 LEVERAGE EXCLUSION.
8 (a) DEFINITIONS.—Section 103(9) of the Small Busi-
9 ness Investment Act of 1958 (15 U.S.C. 662(9)) is amend-
10 ed—
11 (1) in subparagraph (A)(ii), by striking ‘‘and’’
12 at the end;
13 (2) in subparagraph (B)(iii)—
14 (A) in subclause (I), by striking ‘‘estab-
15 lished prior to October 1, 1987’’;
16 (B) in subclause (II)—
17 (i) by striking ‘‘or’’ and inserting a
18 comma; and
19 (ii) by inserting ‘‘, foundation, endow-
20 ment, or trust of any college or university’’
21 after ‘‘pension plan’’; and
22 (C) in subclause (III), by striking the semi-
23 colon at the end and inserting ‘‘; and’’; and
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24 (3) by adding at the end the following new sub-
25 paragraph:
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1 ‘‘(C) does not include any funds obtained
2 directly or indirectly from any Federal, State, or
3 local government or any government agency or
4 instrumentality, except for funds described in
5 subclauses (I) through (III) of subparagraph
6 (B)(iii), for the purpose of approval by the Ad-
7 ministrator of any request for leverage.’’.
8 (b) MAXIMUM LEVERAGE EXCLUSION.—Section
9 303(b)(2) of the Small Business Investment Act of 1958 (15
10 U.S.C. 683(b)(2)) is amended—
11 (1) in subparagraph (A)—
12 (A) in clause (i), by striking ‘‘300’’ and in-
13 serting ‘‘200’’; and
14 (B) by amending clause (ii) to read as fol-
15 lows:
16 ‘‘(ii)(I) with respect to such a company
17 that makes quarterly or semiannual interest
18 payments $250,000,000; or
19 ‘‘(II) $175,000,000 with respect to any
20 other company licensed under section
21 301(c).’’;
22 (2) in subparagraph (B), by striking ‘‘may not
23 exceed $350,000,000.’’ and inserting the following
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24 ‘‘may not exceed—
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1 ‘‘(i) with respect to such companies
2 that are commonly controlled and that
3 make quarterly or semiannual interest pay-
4 ments, $475,000,000; or
5 ‘‘(ii) $350,000,000 with respect to any
6 other companies licensed under section
7 301(c) that are commonly controlled.’’; and
8 (3) in subparagraph (C)—
9 (A) in the heading—
10 (i) by inserting ‘‘OR RURAL’’ after
11 ‘‘LOW-INCOME’’; and
12 (ii) by inserting ‘‘, CRITICAL TECH-
13 NOLOGY AREAS, OR SMALL MANUFACTUR-
14 ERS’’ after ‘‘GEOGRAPHIC AREAS’’;
15 (B) in clause (i)—
16 (i) by striking ‘‘(i) In calculating’’ and
17 inserting the following:
18 ‘‘(i) IN GENERAL.—Except as provided
19 in clause (iii), in calculating’’;
20 (ii) by inserting ‘‘or companies’’ after
21 ‘‘of a company’’;
22 (iii) by striking ‘‘subparagraph (A)’’
23 and inserting ‘‘subparagraphs (A) and
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24 (B)’’;
25 (iv) by striking ‘‘equity’’; and
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1 (v) by striking ‘‘the company in a
2 smaller enterprise’’ and all that follows and
3 inserting the following: ‘‘the company or
4 companies in—
5 ‘‘(I) a small business concern lo-
6 cated in a low-income geographic area
7 (as defined in section 351 of this title)
8 or in a rural area (as defined in sec-
9 tion 343(a)(13) of the Agricultural Act
10 of 1961 (7 U.S.C. 1991(a)(13)));
11 ‘‘(II) a small business concern op-
12 erating primarily in a covered tech-
13 nology category (as defined in section
14 149(e) of title 10, United States Code);
15 or
16 ‘‘(III) a small manufacturer (as
17 defined in section 501(e)(6) of this
18 Act).’’;
19 (C) by amending clause (ii) to read as fol-
20 lows:
21 ‘‘(ii) LIMITATION.—While maintaining
22 the limitation of subparagraph (A)(i) and
23 consistent with a leverage determination
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24 ratio issued pursuant to section 301(c), the
25 aggregate amount excluded for a company
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1 or companies under clause (i) from the cal-
2 culation of the outstanding leverage such
3 company or companies for the purposes of
4 subparagraphs (A) and (B) may not exceed
5 the lesser of 50 percent of the private cap-
6 ital of such company or companies or
7 $125,000,000.’’; and
8 (D) by amending clause (iii) to read as fol-
9 lows:
10 ‘‘(iii) PROSPECTIVE APPLICABILITY.—
11 An investment by a licensee is eligible for
12 exclusion from the calculation of out-
13 standing leverage under clause (i) only if
14 such investment is made by such licensee
15 after the date of enactment of this clause.’’.
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Union Calendar No. 185
119TH CONGRESS
1ST SESSION H. R. 2066
[Report No. 119–227]
H2066
A BILL
E:\BILLS\H2066.RH
To amend the Small Business Investment Act of
1958 to exclude from the limit on leverage cer-
tain amounts invested in smaller enterprises lo-
cated in rural or low-income areas and small
businesses in critical technology areas, and for
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other purposes.
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AUGUST 15, 2025
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union,
and ordered to be printed
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PO 00000
Jkt 059200
21:24 Aug 15, 2025
VerDate Sep 11 2014
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