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119-hr-2066119th CongressWALLET

Investing in All of America Act of 2025

Sponsored By: Representative Meuser, Daniel [R-PA-9]

Became Law

Summary

Expands leverage exclusions for Small Business Investment Companies (SBICs) to widen which investments and firms can be excluded when calculating leverage, with new dollar caps and a rule that only future investments qualify. It targets rural and low-income areas, critical technology sectors, and small manufacturers while tightening some limits.

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  • Redefines SBIC leverage math. It lowers a baseline multiplier from 300 to 200 and creates two alternative dollar thresholds that vary by interest payment frequency.
  • Broadens which businesses qualify. Eligible entities now include small firms in low-income or rural areas, covered technology categories, and small manufacturers, and excluded leverage per company is limited to the lesser of 50 percent of private capital or $125 million, and applies only to investments made after enactment.
  • Adds control- and payment-based caps and a government-funding carveout. Commonly controlled firms can access higher exclusions up to $475 million for quarterly or semiannual payers or up to $350 million otherwise. Funds provided by federal, state, or local governments generally do not count toward exclusions except for certain pension, foundation, endowment, or college trust sources.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 0 costs, 2 mixed.

New rules on which investor funds count

The law changes which private money counts when the Small Business Administration approves leverage. It adds foundations, endowments, and trusts of colleges or universities to eligible private sources and removes the “set up before October 1, 1987” rule. Money from federal, state, or local governments no longer counts, with limited exceptions for certain listed institutional sources. These rules apply beginning on enactment.

Targeted small-business investing with new caps

The law expands which small firms qualify for leverage exclusions: those in low-income or rural areas, in covered technology fields, and small manufacturers. Licensed investment funds that back small businesses can apply the limits to a company or to related companies as a group. Company caps are $250 million if the fund makes quarterly or semiannual interest payments, or $175 million otherwise; group caps are $475 million or $350 million. The excluded amount for each company or group cannot be more than the lesser of 50% of its private capital or $125 million. A key multiplier used in the limit drops from 300 to 200, and only investments made after enactment qualify.

Sponsors & CoSponsors

Sponsor

Meuser, Daniel [R-PA-9]

PA • R

Cosponsors

  • Rep. Scholten, Hillary J. [D-MI-3]

    MI • D

    Sponsored 3/11/2025

  • Rep. Wied, Tony [R-WI-8]

    WI • R

    Sponsored 3/25/2025

  • Rep. Fitzpatrick, Brian K. [R-PA-1]

    PA • R

    Sponsored 3/31/2025

  • Del. King-Hinds, Kimberlyn [R-MP-At Large]

    MP • R

    Sponsored 3/31/2025

  • Rep. Davids, Sharice [D-KS-3]

    KS • D

    Sponsored 3/31/2025

  • Rep. Davis, Donald G. [D-NC-1]

    NC • D

    Sponsored 3/31/2025

  • Rep. LaLota, Nick [R-NY-1]

    NY • R

    Sponsored 4/7/2025

  • Rep. Vindman, Eugene Simon [D-VA-7]

    VA • D

    Sponsored 7/25/2025

Roll Call Votes

No roll call votes available for this bill.

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