H.R. 2066

[119th Congress Public Law 92]
[From the U.S. Government Publishing Office]

[[Page 140 STAT. 825]]

Public Law 119-92
119th Congress

An Act

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. <<NOTE: May 19, 2026 - [H.R. 
2066]>> 

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Investing in All 
of America Act of 2025.>> 
SECTION 1. <<NOTE: 15 USC 661 note.>> SHORT TITLE.

This Act may be cited as the ``Investing in All of America Act of 
2025''.
SEC. 2. SMALL BUSINESS INVESTMENT COMPANY MAXIMUM LEVERAGE 
EXCLUSION.

(a) Definitions.--Section 103(9) of the Small Business Investment 
Act of 1958 (15 U.S.C. 662(9)) is amended--
(1) in subparagraph (A)(ii), by striking ``and'' at the end;
(2) in subparagraph (B)(iii)--
(A) in subclause (I), by striking ``established 
prior to October 1, 1987'';
(B) in subclause (II)--
(i) by striking ``or'' and inserting a comma; 
and
(ii) by inserting ``, foundation, endowment, 
or trust of any college or university'' after 
``pension plan''; and
(C) in subclause (III), by striking the semicolon at 
the end and inserting ``; and''; and
(3) by adding at the end the following new subparagraph:
``(C) does not include any funds obtained directly 
or indirectly from any Federal, State, or local 
government or any government agency or instrumentality, 
except for funds described in subclauses (I) through 
(III) of subparagraph (B)(iii), for the purpose of 
approval by the Administrator of any request for 
leverage.''.

(b) Maximum Leverage Exclusion.--Section 303(b)(2) of the Small 
Business Investment Act of 1958 (15 U.S.C. 683(b)(2)) is amended--
(1) in subparagraph (A)--
(A) in clause (i), by striking ``300'' and inserting 
``200''; and
(B) by amending clause (ii) to read as follows:
``(ii)(I) with respect to such a company that 
makes quarterly or semiannual interest payments 
$250,000,000; or
``(II) $175,000,000 with respect to any other 
company licensed under section 301(c).'';

[[Page 140 STAT. 826]]

(2) in subparagraph (B), by striking ``may not exceed 
$350,000,000.'' and inserting the following ``may not exceed--
``(i) with respect to such companies that are 
commonly controlled and that make quarterly or 
semiannual interest payments, $475,000,000; or
``(ii) $350,000,000 with respect to any other 
companies licensed under section 301(c) that are 
commonly controlled.''; and
(3) in subparagraph (C)--
(A) in the heading--
(i) by inserting ``or rural'' after ``low-
income''; and
(ii) by inserting ``, critical technology 
areas, or small manufacturers'' after ``geographic 
areas'';
(B) in clause (i)--
(i) by striking ``(i) In calculating'' and 
inserting the following:
``(i) In general.--Except as provided in 
clause (iii), in calculating'';
(ii) by inserting ``or companies'' after ``of 
a company'';
(iii) by striking ``subparagraph (A)'' and 
inserting ``subparagraphs (A) and (B)'';
(iv) by striking ``equity''; and
(v) by striking ``the company in a smaller 
enterprise'' and all that follows and inserting 
the following: ``the company or companies in--
``(I) a small business concern 
located in a low-income geographic area 
(as defined in section 351 of this 
title) or in a rural area (as defined in 
section 343(a)(13) of the Agricultural 
Act of 1961 (7 U.S.C. 1991(a)(13)));
``(II) a small business concern 
operating primarily in a covered 
technology category (as defined in 
section 149(e) of title 10, United 
States Code); or
``(III) a small manufacturer (as 
defined in section 501(e)(6) of this 
Act).'';
(C) by amending clause (ii) to read as follows:
``(ii) Limitation.--While maintaining the 
limitation of subparagraph (A)(i) and consistent 
with a leverage determination ratio issued 
pursuant to section 301(c), the aggregate amount 
excluded for a company or companies under clause 
(i) from the calculation of the outstanding 
leverage such company or companies for the 
purposes of subparagraphs (A) and (B) may not 
exceed the lesser of 50 percent of the private 
capital of such company or companies or 
$125,000,000.''; and
(D) by amending clause (iii) to read as follows:
``(iii) Prospective applicability.--An 
investment by a licensee is eligible for exclusion 
from the calculation of outstanding leverage under 
clause (i) only if

[[Page 140 STAT. 827]]

such investment is made by such licensee after the 
date of enactment of this clause.''.

Approved May 19, 2026.

LEGISLATIVE HISTORY--H.R. 2066:
---------------------------------------------------------------------------

HOUSE REPORTS: No. 119-227 (Comm. on Small Business).
CONGRESSIONAL RECORD:
Vol. 171 (2025):
Dec. 1, considered and passed House.
Vol. 172 (2026):
Apr. 15, considered and passed 
Senate.

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