Investing in All of America Act of 2025

[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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