Congressional Record, Senate, March 25, 2021, Page S1828 — Computer and Internet Access Equity Act
Summary
A page of the Congressional Record, Senate, dated March 25, 2021, at page S1828. It opens with the end of the text of a bill on trade with Africa, with provisions on Export-Import Bank lending, reports to congressional committees and training for commercial service officers. Mr. Durbin and Mr. Booker introduce S. 1023, a bill to provide tax credits to low- to moderate-income individuals for certain computer and education costs and to increase support for the Lifeline program. Mr. Durbin asks that the text of the bill be printed in the Record, and the text is printed, with the short title Computer and Internet Access Equity Act.
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“Congressional Record, Senate, March 25, 2021, Page S1828 — Computer and Internet Access Equity Act.”
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S1828 CONGRESSIONAL RECORD — SENATE March 25, 2021
Corporation shall use sufficient funds to in- section (d) a report if the Bank has not used scribed in subsection (a) exists between the
crease by not more than 2 the staff needed to at least 10 percent of its lending capabilities United States and an African country, the
promote stable and sustainable economic for projects in Africa as described in para- President shall ensure that the agreement is
growth and development in Africa, to graph (5) of section 6(a) of the Export-Import being implemented in a manner that maxi-
strengthen and expand the private sector in Bank of 1945, as added by paragraph (2), dur- mizes the positive effects for United States
Africa, and to facilitate the general eco- ing the preceding year. trade, export, and labor interests as well as
nomic development of Africa, with a par- (B) ELEMENTS.—Each report required by the economic development of the countries
ticular focus on helping United States busi- subparagraph (A) shall include a description in Africa.
nesses expand into African markets. of— (c) CONSIDERATION OF OBJECTIVES.—United
(2) REPORT.—The Corporation shall report (i) the reasons why the Bank failed to States negotiators in multilateral fora
to the appropriate congressional committees reach the goal described in that subpara- should take into account the objectives of
on whether recent technology upgrades have graph; and this Act.
resulted in more effective and efficient proc- (ii) all final applications for projects in Af- ---
essing and tracking of applications for fi- rica that the Bank did not support. By Mr. DURBIN (for himself and
nancing received by the Corporation. (b) AVAILABILITY OF PORTION OF CAPITAL- Mr. BOOKER):
(3) CERTAIN COSTS NOT CONSIDERED ADMINIS- IZATION TO COMPETE AGAINST FOREIGN S. 1023. A bill to provide tax credits
TRATIVE EXPENSES.—For purposes of this sub- CONCESSIONAL LOANS.— to low- to moderate-income individuals
section, systems infrastructure costs associ- (1) IN GENERAL.—The Bank shall make
for certain computer and education
ated with activities authorized by the Better available annually such amounts as are nec-
essary for loans that counter trade-dis- costs, to direct the Federal Commu-
Utilization of Investments Leading to Devel-
opment Act of 2018 (22 U.S.C. 9601 et seq.) torting financing that is not compliant with nications Commission to modify the
shall not be considered administrative ex- the Arrangement of the Organisation for requirements for the Lifeline program
penses. Economic Co-operation and Development or to provide increased support, and for
(d) RULE OF CONSTRUCTION.—Nothing in preferential, tied aid, or other related non- other purposes; to the Committee on
this section shall be construed as permitting market loans offered by other countries with Finance.
the reduction of personnel of the Department which United States businesses are also com- Mr. DURBIN. Mr. President, I ask
of Commerce, the Department of State, the peting or interested in competing. unanimous consent that the text of the
Export-Import Bank of the United States, or (2) REPORT REQUIRED.—
bill be printed in the RECORD.
the United States International Develop- (A) IN GENERAL.—Not later than 1 year
after the date of the enactment of this Act,
There being no objection, the text of
ment Finance Corporation or the alteration
of planned personnel increases in other re- and annually thereafter for 5 years, the Ex- the bill was ordered to be printed in
gions, except where a personnel decrease was port-Import Bank shall submit to the com- the RECORD, as follows:
previously anticipated or where decreased mittees specified in subsection (d) a report S. 1023
export opportunities justify personnel reduc- on all loans made or rejected by the Bank Be it enacted by the Senate and House of Rep-
tions. during the preceding year that were consid- resentatives of the United States of America in
SEC. 8. TRAINING. ered to counter trade-distorting financing Congress assembled,
The President shall develop a plan— that is not compliant with the Arrangement SECTION 1. SHORT TITLE.
(1) to standardize the training received by of the Organisation for Economic Co-oper- This Act may be cited as the ‘‘Computer
United States and Foreign Commercial Serv- ation and Development and was offered by and Internet Access Equity Act’’.
ice officers, economic officers of the Depart- other countries to its firms. SEC. 2. INCREASED LIFELINE SUPPORT.
ment of State, and economic officers of the (B) INCLUSION.—Each report required by (a) DEFINITIONS.—In this section:
United States Agency for International De- subparagraph (A) shall include a description
(1) COMMISSION.—The term ‘‘Commission’’
velopment with respect to the programs and of the terms of the financing described in means the Federal Communications Com-
procedures of the Export-Import Bank of the that subparagraph offered by other countries mission.
United States, the United States Inter- to firms that competed against the United (2) TERMS DEFINED IN REGULATIONS.—The
national Development Finance Corporation, States firms. terms defined in section 54.400 of title 47,
the Small Business Administration, and the (c) TRADE SECRETS ACT.—A report required
Code of Federal Regulations (or any suc-
United States Trade and Development Agen- by subsection (a)(3) or subsection (b)(2) may
cessor regulation), have the meanings given
cy; and not disclose any information that is con-
fidential or business proprietary, or that those terms in that section.
(2) to ensure that, not later than 1 year (b) REGULATIONS.—Not later than 14 days
after the date of the enactment of this Act— would violate section 1905 of title 18, United
after the date of enactment of this Act, the
(A) all United States and Foreign Commer- States Code (commonly referred to as the
Commission shall promulgate regulations to
cial Service officers that are stationed over- ‘‘Trade Secrets Act’’).
(d) COMMITTEES SPECIFIED.—The commit- modify the requirements for the Lifeline pro-
seas receive the training described in para- gram set forth in subpart E of part 54 of title
tees specified in this subsection are—
graph (1); and 47, Code of Federal Regulations (as in effect
(1) the Committee on Banking, Housing,
(B) in the case of a country to which no on the date of enactment of this Act) to pro-
and Urban Affairs, the Committee on For-
United States and Foreign Commercial Serv- vide for the following:
eign Relations, and the Committee on Appro-
ice officer is assigned, any economic officer (1) The amount of Lifeline support that a
priations of the Senate; and
of the Department of State stationed in that provider of Lifeline service may receive for
(2) the Committee on Financial Services,
country receives that training. providing such service to each qualifying
the Committee on Foreign Affairs, and the
SEC. 9. EXPORT-IMPORT BANK FINANCING. low-income consumer shall be increased by
Committee on Appropriations of the House
(a) FINANCING FOR PROJECTS IN AFRICA.— of Representatives. the lesser of—
(1) SENSE OF CONGRESS.—It is the sense of SEC. 10. SMALL BUSINESS ADMINISTRATION. (A) $83.33 per month; or
Congress that foreign export credit agencies Section 22(b) of the Small Business Act (15 (B) the amount needed to make the
are providing financing in Africa that is not U.S.C. 649(b)) is amended— amount of Lifeline support received by the
compliant with the Arrangement of the (1) in the matter preceding paragraph (1), provider equal to the cost of providing such
Organisation for Economic Co-operation and by striking ‘‘Director of the United States service, except that such cost may not ex-
Development, which is trade distorting and Trade and Development Agency,’’ and insert- ceed the cost to the provider of providing an
threatens United States jobs. ing ‘‘the Director of the United States Trade equivalent level of voice telephony service or
(2) IN GENERAL.—Section 6(a) of the Export- and Development Agency, the Trade Pro- broadband internet access service (as appli-
Import Bank Act of 1945 (12 U.S.C. 635e(a)) is motion Coordinating Committee,’’; and cable) to a consumer who does not receive
amended by adding at the end the following: (2) in paragraph (3), by inserting ‘‘regional Lifeline service.
‘‘(5) PERCENT OF FINANCING TO BE USED FOR offices of the Export-Import Bank of the (2) The percentage of the Federal Poverty
PROJECTS IN AFRICA.—The Bank shall, to the Guidelines (as specified in section 54.409(a)(1)
United States,’’ after ‘‘Retired Executives,’’.
extent that there are acceptable final appli- SEC. 11. BILATERAL, SUBREGIONAL, AND RE-
of title 47, Code of Federal Regulations) at or
cations, increase the amount it finances to GIONAL, AND MULTILATERAL below which a consumer’s household income
Africa over the prior year’s financing for AGREEMENTS. must be in order for the consumer to con-
each of the first 5 fiscal years beginning (a) IN GENERAL.—Where applicable, the stitute a qualifying low-income consumer on
after the date of the enactment of the In- President shall explore opportunities to ne- the basis of income shall be increased to 435
creasing American Jobs Through Greater Ex- gotiate bilateral, subregional, and regional percent.
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ports to Africa Act of 2021.’’. agreements that encourage trade and elimi- (3) A provider of broadband internet access
(3) REPORT REQUIRED.— nate nontariff barriers to trade between service shall not be required to be designated
(A) IN GENERAL.—Not later than 1 year countries, such as negotiating investor- as an eligible telecommunications carrier
after the date of the enactment of this Act, friendly double-taxation treaties and invest- under section 214(e) of the Communications
and annually thereafter for 5 years, the Ex- ment promotion agreements. Act of 1934 (47 U.S.C. 214(e)) in order to re-
port-Import Bank of the United States shall (b) AGREEMENTS WITH AFRICAN COUN- ceive Lifeline support for providing such
submit to the committees specified in sub- TRIES.—To the extent any agreement de- service to a qualifying low-income consumer.
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March 25, 2021 CONGRESSIONAL RECORD — SENATE S1829
(c) DURATION.—The modifications made by (9) NOT-FOR-PROFIT SOCIAL WELFARE ORGA- the $2,000 amount (or, in the case of a joint
the regulations promulgated under sub- NIZATION.—The term ‘‘not-for-profit social return, $4,000 amount) in subsection (a)(2)
section (b) shall cease to have any force or welfare organization’’ means an organization shall be reduced by an amount equal to 5 per-
effect on the date that is 12 years after the described in section 501(c)(4) of the Internal cent of so much of the taxpayer’s adjusted
date on which the regulations are promul- Revenue Code of 1986 and exempt from tax gross income for such taxable year as ex-
gated. under section 501(a) of such Code. ceeds—
(d) CONSUMER PROTECTIONS.— (b) GRANTS AUTHORIZED.—Not later than ‘‘(1) $72,000 in the case of a joint return,
(1) IN GENERAL.—A provider of broadband 100 days after the date of enactment of this ‘‘(2) $54,000 in the case of a head of house-
internet access service that receives Lifeline Act, the Commission shall establish a pro- hold, and
support for providing such service to a quali- gram to make grants on a competitive basis ‘‘(3) $36,000 in the case of a taxpayer not de-
fied low-income consumer— to eligible entities to develop and carry out scribed in paragraph (1) or (2).
(A) shall provide such service to the con- an internet safety education or training pro- ‘‘(d) ELIGIBLE INDIVIDUAL.—The term ‘eligi-
sumer at a minimum speed of 25 megabits gram. ble individual’ means any individual other
per second for downloads and 3 megabits per (c) APPLICATIONS.—An eligible entity that than—
second for uploads, which minimum speed wishes to receive a grant under this section ‘‘(1) any nonresident alien individual,
shall be reevaluated and, if appropriate, in- shall submit to the Commission an applica- ‘‘(2) any individual with respect to whom a
creased by the Commission not less fre- tion at such time, in such manner, and con- deduction under section 151 is allowable to
quently than once every 3 years; taining such information as the Commission another taxpayer for a taxable year begin-
(B) shall provide a level of customer serv- may require. ning in the calendar year in which the indi-
ice to the consumer that is comparable to (d) USE OF FUNDS.—An eligible entity that vidual’s taxable year begins, and
the customer service that the provider pro- receives a grant under this section shall use ‘‘(3) an estate or trust.
vides to consumers of broadband internet ac- grant funds to— ‘‘(e) APPLICATION OF SECTION.—This section
cess service who do not receive Lifeline serv- (1) develop a program to provide internet shall only apply to qualified computer costs
ice; education and training, which may address incurred by the taxpayer after December 31,
(C) shall offer such service to each quali- cyberbullying, online privacy, cybersecurity, 2020, and before January 1, 2033.’’.
fied low-income consumer in the designated and digital literacy, to individuals living in (b) ADVANCE PAYMENT OF CREDIT.—
service area of the provider; and households with an income at or below 435 (1) IN GENERAL.—Chapter 77 of the Internal
(D)(i) shall advertise the availability of percent of the Federal Poverty Guidelines Revenue Code of 1986, as amended by section
such service and the charges therefore using for households of the applicable size; and 9611(b) of the American Rescue Plan Act of
media of general distribution throughout the (2) provide such education or training to 2021 (Public Law 117-2), is amended by insert-
designated service area of the provider to in- ing after section 7527A the following new sec-
such individuals through such program.
crease awareness among consumers (includ- (e) REPORTS.— tion:
ing non-English speaking consumers) that ‘‘SEC. 7527B. ADVANCE PAYMENT OF CREDIT FOR
(1) REPORTS TO COMMISSION.—Not later
they may be eligible for such service; and COMPUTER COSTS.
than 3 years after the date on which an eligi-
(ii) may partner with State agencies re- ‘‘(a) IN GENERAL.—As soon as practicable
ble entity receives a grant under this sec-
sponsible for the provision of social assist- after the date of the enactment of this sec-
tion, the eligible entity shall publish and
ance and service programs in conducting ad- tion, the Secretary shall establish a program
submit to the Commission a report that—
vertising under clause (i). for making advance payments of the credit
(A) describes the use of the grant by the el-
(2) DESIGNATED SERVICE AREA.—A State allowed under section 36C (determined with-
igible entity, including the number of indi-
commission or the Commission, as applica- out regard to subsection (e) of such section),
viduals served by the eligible entity using
ble, shall establish a designated service area on such basis as the Secretary determines to
for a provider of broadband internet access grant funds;
be administratively feasible, to taxpayers
service described in paragraph (1) for pur- (B) describes the progress of the eligible
determined to be eligible for advance pay-
poses of that paragraph in the same manner entity toward fulfilling the objectives for
ment of such credit.
as the State commission or Commission es- which the grant was awarded; and
‘‘(b) LIMITATION.—
tablishes a designated service area for a (C) includes any additional information re-
‘‘(1) IN GENERAL.—The Secretary may make
common carrier under paragraph (5) or (6), as quired by the Commission.
payments under subsection (a) only to the
applicable, of section 214(e) of the Commu- (2) REPORT TO CONGRESS.—Not later than 5
extent that the total amount of such pay-
nications Act of 1934 (47 U.S.C. 214(e)). years after the date of enactment of this
ments made to any taxpayer during the tax-
Act, the Commission shall publish and sub-
SEC. 3. INTERNET EDUCATION AND TRAINING able year does not exceed the amount of the
GRANT PROGRAM. mit to Congress a report that—
credit determined under subsection (a) of
(a) DEFINITIONS.—In this section: (A) summarizes the data from the reports
section 36C, as determined based on applica-
(1) COMMISSION.—The term ‘‘Commission’’ that the Commission has received under
tion of subsection (c) of such section using
means the Federal Communications Com- paragraph (1); and
the adjusted gross income of the taxpayer for
mission. (B) assesses the effectiveness and cost-ef-
the most recent taxable year for which a re-
(2) COMMUNITY-BASED ORGANIZATION.—The fectiveness of the grant program established
turn has been filed during any of the pre-
term ‘‘community-based organization’’ has under this section.
ceding 3 taxable years.
the meaning given the term in section 3 of (f) AUTHORIZATION OF APPROPRIATIONS.—
‘‘(2) NON-FILERS.—In the case of any tax-
the Workforce Innovation and Opportunity There are authorized to be appropriated such
payer who has not filed a return during the
Act (29 U.S.C. 3102). sums as may be necessary to carry out this
period described in paragraph (1), such para-
(3) DIGITAL LITERACY.—The term ‘‘digital section.
graph shall be applied without regard to sub-
literacy’’ means the skills associated with SEC. 4. CREDIT FOR COMPUTER COSTS.
section (c) of section 36C.’’.
using technology. (a) IN GENERAL.—Subpart C of part IV of (2) RECONCILIATION OF CREDIT AND ADVANCE
(4) ELIGIBLE ENTITY.—The term ‘‘eligible subchapter A of chapter 1 of the Internal CREDIT.—Section 36C of such Code, as added
entity’’ means— Revenue Code of 1986 is amended by inserting by subsection (a), is amended—
(A) a nonprofit organization; after section 36B the following new section: (A) by redesignating subsection (e) as sub-
(B) a not-for-profit social welfare organiza- ‘‘SEC. 36C. CREDIT FOR COMPUTER COSTS. section (f); and
tion; or ‘‘(a) IN GENERAL.—In the case of an eligible (B) by inserting after subsection (d) the
(C) a community-based organization. individual, there shall be allowed as a credit following new subsection:
(5) FEDERAL POVERTY GUIDELINES.—The against the tax imposed by this subtitle for ‘‘(e) RECONCILIATION OF CREDIT AND AD-
term ‘‘Federal Poverty Guidelines’’ means the taxable year an amount equal the lesser VANCE CREDIT.—
the Federal Poverty Guidelines used for pur- of— ‘‘(1) IN GENERAL.—The amount of the credit
poses of section 54.409(a)(1) of title 47, Code of ‘‘(1) the amount of qualified computer allowed under this section for any taxable
Federal Regulations (or any successor regu- costs paid or incurred by the taxpayer during year shall be reduced (but not below zero) by
lation). such taxable year, the aggregate amount of any advance pay-
(6) HOUSEHOLD.—The term ‘‘household’’ has ‘‘(2) $2,000 ($4,000 in the case of a joint re- ments of such credit under section 7527B for
the meaning given the term in section 54.400 turn), or such taxable year.
of title 47, Code of Federal Regulations (or ‘‘(3) an amount equal to $10,000 ($20,000 in ‘‘(2) EXCESS ADVANCE PAYMENTS.—
any successor regulation). the case of a joint return) minus the sum of ‘‘(A) IN GENERAL.—If the aggregate amount
(7) INCOME.—The term ‘‘income’’ has the any credits allowed to the taxpayer under of advance payments under section 7527B for
meaning given the term in section 54.400 of this section for any preceding taxable year. the taxable year exceeds the amount of the
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title 47, Code of Federal Regulations (or any ‘‘(b) QUALIFIED COMPUTER COSTS.—For pur- credit allowed under this section for such
successor regulation). poses of this section, the term ‘qualified taxable year (determined without regard to
(8) NONPROFIT ORGANIZATION.—The term computer costs’ means amounts paid or in- paragraph (1)), the tax imposed by this chap-
‘‘nonprofit organization’’ means an organiza- curred for computers, printers, and other ter for such taxable year shall be increased
tion described in section 501(c)(3) of the In- education-related technology. by the amount of such excess.
ternal Revenue Code of 1986 and exempt from ‘‘(c) LIMITATION BASED ON ADJUSTED GROSS ‘‘(B) RETURN REQUIREMENT.—If the tax im-
tax under section 501(a) of such Code. INCOME.—With respect to any taxable year, posed by this chapter for the taxable year is
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S1830 CONGRESSIONAL RECORD — SENATE March 25, 2021
increased under this paragraph, the taxpayer section 384A of the Consolidated Farm and business investment company under para-
shall, notwithstanding section 6012, be re- Rural Development Act (7 U.S.C. 2009cc); graph (1)—
quired to file a return with respect to the (5) the term ‘‘Secretary’’ means the Sec- ‘‘(A) the amount of the leverage made
taxes imposed under this subtitle.’’. retary of Agriculture; and available shall be subject to the limitations
(c) CONFORMING AMENDMENTS.— (6) the term ‘‘working group’’ means the under section 303(b)(2);
(1) Section 6211(b)(4)(A) of the Internal interagency working group established under ‘‘(B) for the purposes of subparagraph (A),
Revenue Code of 1986 is amended— section 4(a). any leverage granted by the Secretary to the
(A) by inserting ‘‘36C,’’ after ‘‘36B,’’, and SEC. 3. RURAL BUSINESS INVESTMENT. rural business investment company under
(B) by striking ‘‘and 7527A’’ and inserting (a) IN GENERAL.—The Small Business In- the program carried out under subtitle H of
‘‘7527A, and 7527B’’. vestment Act of 1958 (15 U.S.C. 661 et seq.) is the Consolidated Farm and Rural Develop-
(2) Paragraph (2) of section 1324(b) of title amended— ment Act (7 U.S.C. 2009cc et seq.) shall be in-
31, United States Code, is amended— (1) in part A of title III (15 U.S.C. 681 et cluded when determining the maximum
(A) by inserting ‘‘36C,’’ after ‘‘36B,’’, and seq.)— amount of outstanding leverage that may be
(B) by striking ‘‘or 7527A’’ and inserting (A) in section 303(b)(2) (15 U.S.C. 683(b)(2)), made available to the rural business invest-
‘‘7527A, or 7527B’’. by adding at the end the following: ment company under this section; and
(3) The table of sections for subpart C of ‘‘(E) INVESTMENTS IN RURAL AREAS.— ‘‘(C) the Administration, in consultation
part IV of subchapter A of chapter 1 of the ‘‘(i) DEFINITION.—In this subparagraph, the with the Secretary, shall—
Internal Revenue Code of 1986 is amended by term ‘rural area’ has the meaning given the ‘‘(i) impose such terms and conditions with
inserting after the item relating to section term in section 343(a) of the Consolidated respect to the leverage that the Administra-
36B the following new item: Farm and Rural Development Act (7 U.S.C. tion and the Secretary determine to be ap-
‘‘Sec. 36C. Credit for Computer Costs.’’. 1991(a)). propriate; and
(4) The table of sections for chapter 77 of ‘‘(ii) ADDITIONAL LEVERAGE.— ‘‘(ii) in developing the terms and condi-
such Code is amended by inserting after the ‘‘(I) IN GENERAL.—In calculating the out- tions described in clause (i)—
item relating to section 7527A the following standing leverage of a company for the pur- ‘‘(I) ensure, to the maximum extent prac-
new item: poses of subparagraph (A), the Administrator ticable, that those terms and conditions are
shall not include the amount of the cost not—
‘‘Sec. 7527B. Advance payment of credit for
basis of any equity investment made by the ‘‘(aa) duplicative of other requirements ap-
computer costs.’’.
company in a smaller enterprise located in a plicable to rural business investment compa-
(d) PUBLIC AWARENESS CAMPAIGN.—The nies; or
Secretary of the Treasury (or the Secretary’s rural area if the Administrator, after per-
forming an appropriate evaluation, deter- ‘‘(bb) otherwise unnecessary; and
delegate) shall conduct a public awareness ‘‘(II) take into consideration how rural
campaign, in coordination with the Commis- mines that such an exclusion will not result
in additional risk to the Administration or business investment companies that have
sioner of Social Security, the Secretary of been issued a license by the Secretary under
Veterans Affairs, and the heads of other rel- the Federal Government.
‘‘(II) LIMITATION.—The amount excluded section 384D(e) of the Consolidated Farm and
evant Federal and State agencies, to provide Rural Development Act (7 U.S.C. 2009cc–3(e))
information to the public (including non- under subclause (I) for a company shall not
exceed $25,000,000 in any fiscal year.’’; before the date of enactment of this section
English speaking populations) regarding the could qualify to receive that leverage.
availability of the credit allowed under sec- (B) in section 308(g)(3) (15 U.S.C. 687(g)(3))—
(i) in subparagraph (D), by striking ‘‘and’’ ‘‘(c) INTERNAL EVALUATION.—Not later than
tion 36C of the Internal Revenue Code of 1986 June 1 of each year, the Administration shall
and advance payment of such credit pursu- at the end;
(ii) in subparagraph (E), by striking the pe- perform an evaluation to determine whether
ant to section 7527B of such Code (as added the Administration will be unable to expend
by this section). riod at the end and inserting ‘‘; and’’; and
(iii) by adding at the end the following: all of the covered amounts for the fiscal year
(e) EFFECTIVE DATE.—The amendments
‘‘(F) the total number of rural business in- in which the evaluation is made.’’; and
made by this section shall apply to costs in-
vestment companies, as defined in section (2) in section 503(g) (15 U.S.C. 697(g)), by in-
curred in taxable years beginning after De-
321(a), that received leverage from the Ad- serting ‘‘, and with respect to leverage grant-
cember 31, 2020.
ministration under section 321 in the pre- ed under section 321,’’ after ‘‘retained by the
--- Administration under this section’’.
By Mr. THUNE (for himself, Mrs. vious year, including the amount of that le-
verage that each such rural business invest- (b) SBA REQUIREMENTS.—
SHAHEEN, and Mrs. FISCHER): (1) ESTABLISHMENT OF APPLICATION PROC-
S. 1058. A bill to amend the Small ment company received.’’;
(C) in section 310(d)(1)(A) (15 U.S.C. ESS.—Not later than 180 days after the date
Business Investment Act of 1958 to pro- 687b(d)(1)(A)), by inserting ‘‘(including each of enactment of this Act, the Administrator,
vide opportunities to rural business in- rural business investment company that re- in consultation with the Secretary, shall es-
vestment companies, and for other pur- ceives leverage under section 321)’’ after tablish a process through which a rural busi-
poses; to the Committee on Small Busi- ‘‘Each licensee’’; and ness investment company may apply for le-
ness and Entrepreneurship. (D) by adding at the end the following: verage granted under section 321 of the
Mr. THUNE. Mr. President, I ask ‘‘SEC. 321. RURAL BUSINESS INVESTMENT COM- Small Business Investment Act of 1958, as
unanimous consent that the text of the PANIES. added by subsection (a) of this section.
‘‘(a) DEFINITIONS.—In this section— (2) UPDATE TO RULES.—Not later than 180
bill be printed in the RECORD.
‘‘(1) the term ‘covered amounts’ means, days after the date of enactment of this Act,
There being no objection, the text of and in addition to the process established
the bill was ordered to be printed in with respect to a fiscal year, the amounts
made available for that fiscal year to grant under paragraph (1), the Administrator shall
the RECORD, as follows: make any updates to the rules of the Admin-
leverage under this part to small business in-
S. 1058 vestment companies; istration that are necessary as a result of
Be it enacted by the Senate and House of Rep- ‘‘(2) the term ‘rural business investment this section and the amendments made by
resentatives of the United States of America in company’ has the meaning given the term in this section.
Congress assembled, section 384A of the Consolidated Farm and SEC. 4. INTERAGENCY WORKING GROUP.
SECTION 1. SHORT TITLE. Rural Development Act (7 U.S.C. 2009cc); and (a) ESTABLISHMENT.—Not later than 180
This Act may be cited as the ‘‘Rural Cap- ‘‘(3) the term ‘Secretary’ means the Sec- days after the date of enactment of this Act,
ital Access Act’’. retary of Agriculture. the Administrator, in consultation with the
SEC. 2. DEFINITIONS. ‘‘(b) LEVERAGE.— Secretary, shall establish an interagency
In this Act— ‘‘(1) IN GENERAL.—Subject to paragraph (2), working group to develop—
(1) the term ‘‘Administration’’ means the if the Administration determines under sub- (1) administrative recommendations for
Small Business Administration; section (c) that the Administration will be improving the coordination between the Ad-
(2) the term ‘‘Administrator’’ means the unable to expend all of the covered amounts ministration and the Department of Agri-
Administrator of the Administration; for a particular fiscal year, the Administra- culture in administering the program carried
(3) the term ‘‘appropriate committees of tion shall expend those unexpended covered out under part A of title III of the Small
Congress’’ means— amounts for that fiscal year to grant lever- Business Investment Act of 1958 (15 U.S.C. 681
(A) the Committee on Small Business and age to rural business investment companies et seq.) and the program carried out under
Entrepreneurship of the Senate; for the purposes described in this part if, subtitle H of the Consolidated Farm and
(B) the Committee on Agriculture, Nutri- with respect to that fiscal year, the Sec- Rural Development Act (7 U.S.C. 2009cc et
dlhill on DSK120RN23PROD with SENATE
tion, and Forestry of the Senate; retary determines that the Secretary is un- seq.), respectively; and
(C) the Committee on Small Business of able to grant leverage to rural business in- (2) legislative recommendations for im-
the House of Representatives; and vestment companies in a manner that is suf- proving capital access and investment in
(D) the Committee on Agriculture of the ficient to satisfy the leverage needs of those rural areas of the United States through the
House of Representatives; rural business investment companies. programs described in paragraph (1), includ-
(4) the term ‘‘rural business investment ‘‘(2) CONDITIONS.—With respect to leverage ing by increasing the number of licensees
company’’ has the meaning given the term in granted by the Administration to a rural under those programs.
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