,,ii  #aai? ,,congress  #a/ ,session    
,s4 #aiag  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #bb1 #bjbe ,mr4   
,hick5loop] 7= himself & ,mr4 ,m>%all7  
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on ,small
 ,bus9ess & ,entrepr5eur%ip  ,a ,,bill  
,to am5d ! ,small ,bus9ess ,inve/m5t    
,act ( #aieh to exclude f ! limit on    
lev]age c]ta9 am\nts inve/$ 9 small]    
ent]prises locat$ 9 rural or l[-income  
areas & small bus9esses 9 critical      
te*nology areas1 & = o!r purposes4  #a4 
,%ort title  ,?is ,act may be cit$ z !  
,inve/+ 9 ,all ( ,am]ica ,act ( #bjbe4  
#b4  ,small bus9ess inve/m5t company    
maximum lev]age exclusion  7a7          
,def9itions  ,section #ajc7i7 ( ! ,small
 ,bus9ess ,inve/m5t ,act ( #aieh 7#ae   
,u4,s4,c4 #ffb7i77 is am5d$--  7#a7 9   
subp>agraph 7,a77ii71 by /rik+ & at !   
end2  7#b7 9 subp>agraph 7,b77iii7--    
7,a7 9 subclause 7,i71 by /rik+ e/abli%$
 prior to ,octob] #a1 #aihg2  7,b7 9    
subclause 7,,ii7-- 7i7 by /rik+ or &    

ins]t+ 12 &  7ii7 by ins]t+ 1 or a      
f\ndation1 end[m5t1 or tru/ ( a college 
or univ]sity aft] p5sion plan2 &  7,c7 9
 subclause 7,,iii71 by /rik+ ! semicolon
 at ! end & ins]t+ 2 &2 &  7#c7 by add+ 
at ! end ! foll[+3  7,c7 does n include 
any funds obta9$ directly or indirectly 
f any ,f$]al1 ,/ate or local gov]nm5t or
 any gov]nm5t ag5cy or in/rum5tality1   
except = funds describ$ 9 subclauses    
7,i7 ?r\gh 7,,iii7 ( subp>agraph        
7,b77iii71 = ! purpose ( approval by !  
,adm9i/rator ( any reque/ = lev]age4  4 
7b7  ,maximum lev]age exclusion         
,section #cjc7;b77#b7 ( ! ,small        
,bus9ess ,inve/m5t ,act ( #aieh 7#ae    
,u4,s4,c4 #fhc7;b77#b77 is am5d$--  7#a7
 9 subp>agraph 7,a7-- 7,a7 9 clause 7i71
 by /rik+ #cjj & ins]t+ #bjj2 &  7,b7 by
 /rik+ clause 7ii7 & ins]t+ ! foll[+3   
7ii7  7,i7 ) respect to su* a company t 
makes qu>t]ly or semiannual int]e/      
paym5ts1 #age1jjj1jjj1 z adju/$ 9       
accordance ) subp>agraph 7,e72 or       
7,,ii7 #age1jjj1jjj ) respect to any o!r

 su* company4  2  7#b7 9 subp>agraph    
7,b71 by /rik+ may n exce$ #cej1jjj1jjj4
 & ins]t+ ! foll[+3 8may n exce$--  7i7 
) respect to su* companies t are        
commonly controll$ & t make qu>t]ly or  
semiannual int]e/ paym5ts1 #cej1jjj1jjj1
 z adju/$ 9 accordance ) subp>agraph    
7,e72 or  7ii7 #cej1jjj1jjj ) respect to
 o!r su* companies t are commonly       
controll$4  2  7#c7 9 subp>agraph 7,c7--
 7,a7 9 ! head+--  7i7 by ins]t+ or     
rural aft] l[-income2 &  7ii7 by ins]t+ 
1 critical te*nology areas1 or small    
manufactur]s aft] geographic areas2     
7,b7 9 clause 7i7-- 7i7 by /rik+ 7i7 ,9 
calculat+ & ins]t+ ! foll[+3  7i7  ,9   
g5]al  ,except z provid$ 9 clause 7iii71
 9 calculat+  2  7ii7 by ins]t+ or      
companies aft] ( a company2  7iii7 by   
/rik+ subp>agraph 7,a7 & ins]t+         
subp>agraphs 7,a7 & 7,b72  7iv7 by /rik+
 equity2 &  7v7 by /rik+ ! company 9 a  
small] ent]prise & all t foll[s & ins]t+
 ! foll[+3  ! company or companies 9--  
7,i7 a small bus9ess conc]n locat$ 9 a  

l[-income geographic area 7z def9$ 9    
section #cea ( ?is title7 or 9 a rural  
area 7z def9$ 9 section #cdc7;a7 ( !    
,agricultural ,act ( #aifa 7#g ,u4,s4,c4
 #aiia7;a7772  7,,ii7 a small bus9ess   
conc]n op]at+ prim>ily 9 a cov]$        
te*nology category 7z def9$ 9 section   
#adi ( title #aj1 ,unit$ ,/ates ,code72 
or  7,,iii7 a small manufactur] 7z def9$
 9 section #eja7;e7 ( ?is ,act74  2 &   
7,c7 by am5d+ clause 7ii7 to read z     
foll[s3  7ii7 ,limitation ,:ile ma9ta9+ 
! limitation ( subp>agraph 7,a77i7 &    
consi/5t ) a lev]age det]m9ation ratio  
issu$ pursuant to section #cja7;c71 !   
aggregate am\nt exclud$ = a company or  
companies "u clause 7i7 f ! calculation 
( ! out/&+ lev]age su* company or       
companies = ! purposes ( subp>agraphs   
7,a7 & 7,b7 may n exce$ ! less] ( #ej   
p]c5t ( ! private capital ( su* company 
or companies or #abe1jjj1jjj  2 &  7,d7 
by am5d+ clause 7iii7 to read z foll[s3 
7iii7 ,prospective applicability ,an    
inve/m5t by a lic5see is eligible =     

exclusion f ! calculation ( out/&+      
lev]age "u clause 7i7 only if su*       
inve/m5t is made by su* lic5see aft] !  
date ( enactm5t ( ?is clause4  2 &  7#d7
 by add+ at ! end ! foll[+3  7,e7       
,annual adju/m5t ,except z provid$ 9    
subp>agraph 7,f71 ! ,adm9i/rator %all   
adju/ ! doll> am\nts describ$ 9         
subp>agraphs 7,a7 & 7,b7--  7i7 on !    
date ( ! enactm5t ( ?is subp>agraph1 by 
a p]c5tage equal to ! p]c5tage 7if any7 
by :i* ! ,consum] ,price ,index 7all    
items2 ,unit$ ,/ates city av]age71 z    
publi%$ by ! ,bureau ( ,labor ,/ati/ics1
 increas$ dur+ ! p]iod--  7,i7 beg9n+ on
 ,decemb] #ah1 #bjae1 & end+ on ! date (
 enactm5t ( ! ,inve/+ 9 ,all ( ,am]ica  
,act ( #bjbe1 ) respect to a doll> am\nt
 "u subp>agraph 7,b72 &  7,,ii7 beg9n+  
on ,june #ba1 #bjah1 & end+ on ! date ( 
enactm5t ( ! ,inve/+ 9 ,all ( ,am]ica   
,act ( #bjbe1 ) respect to a doll> am\nt
 "u subp>agraph 7,a72 &  7ii7 on ! date 
t is #a ye> aft] ! date ( enactm5t ( !  
,inve/+ 9 ,all ( ,am]ica ,act ( #bjbe1 &

 annually !reaft]1 by a p]c5tage equal  
to ! p]c5tage 7if any7 by :i* ! ,consum]
 ,price ,index 7all items2 ,unit$ ,/ates
 city av]age71 z publi%$ by ! ,bureau ( 
,labor ,/ati/ics1 increas$ dur+ ! #a-ye>
 p]iod prec$+ ! date ( ! adju/m5t "u ?is
 clause4  7,f7  ,exclusion  ,subp>agraph
 7,e7 %all n apply ) respect to a small 
bus9ess inve/m5t company au?oriz$ to    
issue accrual deb5tures 7z def9$ 9      
section #ajg4ej ( title #ac1 ,code (    
,f$]al ,regulations74  4