Home > 106th Congressional Bills > H.R. 68 (eh) To amend section 20 of the Small Business Act and make technical corrections in title III of the Small Business Investment Act. [Engrossed in House] ...

H.R. 68 (eh) To amend section 20 of the Small Business Act and make technical corrections in title III of the Small Business Investment Act. [Engrossed in House] ...


Google
 
Web GovRecords.org


  
  
  
  
  
  
  
  
  
  

                  In the Senate of the United States,

                                                        March 22, 1999.
      Resolved, That the bill from the House of Representatives (H.R. 
68) entitled ``An Act to amend section 20 of the Small Business Act and 
make technical corrections in title III of the Small Business 
Investment Act.'', do pass with the following

                               AMENDMENT:

            Strike out all after the enacting clause and insert:

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Investment 
Improvement Act of 1999''.

SEC. 2. SBIC PROGRAM.

    (a) In General.--Section 308(i)(2) of the Small Business Investment 
Act of 1958 (15 U.S.C. 687(i)(2)) is amended by adding at the end the 
following: ``In this paragraph, the term `interest' includes only the 
maximum mandatory sum, expressed in dollars or as a percentage rate, 
that is payable with respect to the business loan amount received by 
the small business concern, and does not include the value, if any, of 
contingent obligations, including warrants, royalty, or conversion 
rights, granting the small business investment company an ownership 
interest in the equity or increased future revenue of the small 
business concern receiving the business loan.''.
    (b) Funding Levels.--Section 20 of the Small Business Act (15 
U.S.C. 631 note) is amended--
            (1) in subsection (d)(1)(C)(i), by striking 
        ``$800,000,000'' and inserting ``$1,200,000,000''; and
            (2) in subsection (e)(1)(C)(i), by striking 
        ``$900,000,000'' and inserting ``$1,500,000,000''.
    (c) Definitions.--
            (1) Small business concern.--Section 103(5) of the Small 
        Business Investment Act of 1958 (15 U.S.C. 662(5)) is amended--
                    (A) by redesignating subparagraphs (A) through (C) 
                as clauses (i) through (iii), and indenting 
                appropriately;
                    (B) in clause (iii), as redesignated, by adding 
                ``and'' at the end;
                    (C) by striking ``purposes of this Act, an 
                investment'' and inserting the following: ``purposes of 
                this Act--
                    ``(A) an investment''; and
                    (D) by adding at the end the following:
                    ``(B) in determining whether a business concern 
                satisfies net income standards established pursuant to 
                section 3(a)(2) of the Small Business Act, if the 
                business concern is not required by law to pay Federal 
                income taxes at the enterprise level, but is required 
                to pass income through to the shareholders, partners, 
                beneficiaries, or other equitable owners of the 
                business concern, the net income of the business 
                concern shall be determined by allowing a deduction in 
                an amount equal to the sum of--
                            ``(i) if the business concern is not 
                        required by law to pay State (and local, if 
                        any) income taxes at the enterprise level, the 
                        net income (determined without regard to this 
                        subparagraph), multiplied by the marginal State 
                        income tax rate (or by the combined State and 
                        local income tax rates, as applicable) that 
                        would have applied if the business concern were 
                        a corporation; and
                            ``(ii) the net income (so determined) less 
                        any deduction for State (and local) income 
                        taxes calculated under clause (i), multiplied 
                        by the marginal Federal income tax rate that 
                        would have applied if the business concern were 
                        a corporation;''.
            (2) Smaller enterprise.--Section 103(12)(A)(ii) of the 
        Small Business Investment Act of 1958 (15 U.S.C. 
        662(12)(A)(ii)) is amended by inserting before the semicolon at 
        the end the following: ``except that, for purposes of this 
        clause, if the business concern is not required by law to pay 
        Federal income taxes at the enterprise level, but is required 
        to pass income through to the shareholders, partners, 
        beneficiaries, or other equitable owners of the business 
        concern, the net income of the business concern shall be 
        determined by allowing a deduction in an amount equal to the 
        sum of--
                                    ``(I) if the business concern is 
                                not required by law to pay State (and 
                                local, if any) income taxes at the 
                                enterprise level, the net income 
                                (determined without regard to this 
                                clause), multiplied by the marginal 
                                State income tax rate (or by the 
                                combined State and local income tax 
                                rates, as applicable) that would have 
                                applied if the business concern were a 
                                corporation; and
                                    ``(II) the net income (so 
                                determined) less any deduction for 
                                State (and local) income taxes 
                                calculated under subclause (I), 
                                multiplied by the marginal Federal 
                                income tax rate that would have applied 
                                if the business concern were a 
                                corporation''.
    (d) Technical Corrections.--
            (1) Repeal.--Section 303(g) of the Small Business 
        Investment Act of 1958 (15 U.S.C. 683(g)) is amended by 
        striking paragraph (13).
            (2) Issuance of guarantees and trust certificates.--Section 
        320 of the Small Business Investment Act of 1958 (15 U.S.C. 
        687m) is amended by striking ``6'' and inserting ``12''.
            (3) Elimination of table of contents.--Section 101 of the 
        Small Business Investment Act of 1958 (15 U.S.C. 661 note) is 
        amended to read as follows:

``SEC. 101. SHORT TITLE.

    ``This Act may be cited as the `Small Business Investment Act of 
1958'.''.

            Attest:

                                                             Secretary.
106th CONGRESS

  1st Session

                                H. R. 68

_______________________________________________________________________

                               AMENDMENT

Pages: 1

Other Popular 106th Congressional Bills Documents:

1 S. 1454 (is) To amend the Internal Revenue Code of 1986 to expand the incentives for the construction and renovation of public schools and to provide tax incentives for corporations to participate in cooperative agreements with public schools in distresse...
2 H.R. 2044 (ih) To amend title I of the Employee Retirement Income Security Act of 1974 to provide to participants and beneficiaries of group health plans access to pediatric care. [Introduced in House] ...
3 H.Res. 136 (eh) [Engrossed in House] ...
4 S. 199 (rs) For the relief of Alexandre Malofienko, Olga Matsko, and their son, Vladimir Malofienko. [Reported in Senate] ...
5 S.Res. 197 (is) Referring S. 1698 entitled ``A bill for the relief of D.W. Jacobson, Ronald Karkala, and Paul Bjorgen of Grand Rapids, Minnesota'' to the chief judge of the United States Court of Federal Claims for a report thereon. [Introduced in Senate]...
6 S. 613 (rh) To encourage Indian economic development, to provide for the disclosure of Indian tribal sovereign immunity in contracts involving Indian tribes, and for other purposes. [Reported in House] ...
7 S. 2694 (is) To amend section 313 of the Tariff Act of 1930 to make certain products eligible for drawback and to simplify and clarify certain drawback provisions. [Introduced in Senate] ...
8 S. 2937 (is) To amend title XVIII of the Social Security Act to improve access to Medicare+Choice plans through an increase in the annual Medicare+Choice capitation rates and for other purposes. [Introduced in Senate] ...
9 H.R. 904 (ih) To assure access under group health plans and health insurance coverage to covered emergency medical services. [Introduced in House] ...
10 S. 1469 (is) To amend the Community Development Banking and Financial Institutions Act of 1994 with respect to population outmigration levels in rural areas. [Introduced in Senate] ...
11 H.R. 1729 (rh) To designate the Federal facility located at 1301 Emmet Street in Charlottesville, Virginia, as the ``Pamela B. Gwin Hall''. [Reported in House] ...
12 S. 1761 (rfh) To direct the Secretary of the Interior, through the Bureau of Reclamation, to conserve and enhance the water supplies of the Lower Rio Grande Valley. [Referred in House] ...
13 H.R. 1749 (enr) To designate Wilson Creek in Avery and Caldwell Counties, North Carolina, as a component of the National Wild and Scenic Rivers System. [Enrolled bill] ...
14 S. 353 (is) To provide for class action reform, and for other purposes. [Introduced in Senate] ...
15 H.R. 3176 (rh) To direct the Secretary of the Interior to conduct a study to determine ways of restoring the natural wetlands conditions in the Kealia Pond National Wildlife Refuge, Hawaii. [Reported in House] ...
16 H.R. 1094 (enr) To amend the Federal Reserve Act to broaden the range of discount window loans which may be used as collateral for Federal reserve notes. [Enrolled bill] ...
17 H.Con.Res. 110 (ih) Expressing the sense of Congress that the July 20, 1999, 30th Anniversary of the first lunar landing should be a day of celebration and reflection on the Apollo-11 mission to the Moon and the accomplishments of the Apollo program throu...
18 H.R. 3064 (eas) [Engrossed Amendment Senate] ...
19 H.R. 4868 (eas) Entry number Date of entry Port [Engrossed Amendment Senate] ...
20 H.R. 3236 (enr) To authorize the Secretary of the Interior to enter into contracts with [Enrolled bill] ...
21 S. 1489 (is) To amend title 38, United States Code, to provide for the payment to States of plot allowances for certain veterans eligible for burial in a national cemetery who are buried in cemeteries of such States. [Introduced in Senate] ...
22 H.R. 1998 (ih) To amend title XVIII of the Social Security Act to promote the coverage of frail elderly Medicare beneficiaries permanently residing in nursing facilities in specialized health insurance programs for the frail elderly. [Introduced in House]...
23 H.R. 176 (ih) To affirm the role of States in setting reasonable occupancy standards, and for other purposes. [Introduced in House] ...
24 H.R. 3391 (ih) To provide for public library construction and technology enhancement. [Introduced in House] ...
25 H.Con.Res. 141 (ih) Celebrating One America. [Introduced in House] ...
26 S. 2818 (is) To amend the Agricultural Market Transition Act to establish a flexible [Introduced in Senate] ...
27 H.R. 3985 (rs) To redesignate the facility of the United States Postal Service located at 14900 Southwest 30th Street in Miramar, Florida, as the ``Vicki Coceano Post Office Building''. [Reported in Senate] ...
28 H.Con.Res. 421 (ih) Expressing the sense of the Congress with respect to the accomplishments of the U.S.S. TENNESSEE (BB-43) during World War II. [Introduced in House] ...
29 H.R. 1509 (rh) To authorize the Disabled Veterans' LIFE Memorial Foundation to establish a memorial in the District of Columbia or its environs to honor veterans who became disabled while serving in the Armed Forces of the United States. [Reported in Hous...
30 H.Res. 313 (rh) Providing for consideration of the bill (H.R. 2436) to amend title 18, United States Code, and the Uniform Code of Military Justice to protect unborn children from assault and murder, and for other purposes. [Reported in House] %%Filename:...


Other Documents:

106th Congressional Bills Records and Documents

GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.
House Rules:

104th House Rules
105th House Rules
106th House Rules

Congressional Bills:

104th Congressional Bills
105th Congressional Bills
106th Congressional Bills
107th Congressional Bills
108th Congressional Bills

Supreme Court Decisions

Supreme Court Decisions

Additional

1995 Privacy Act Documents
1997 Privacy Act Documents
1994 Unified Agenda
2004 Unified Agenda

Congressional Documents:

104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents

Congressional Directory:

105th Congressional Directory
106th Congressional Directory
107th Congressional Directory
108th Congressional Directory

Public Laws:

104th Congressional Public Laws
105th Congressional Public Laws
106th Congressional Public Laws
107th Congressional Public Laws
108th Congressional Public Laws

Presidential Records

1994 Presidential Documents
1995 Presidential Documents
1996 Presidential Documents
1997 Presidential Documents
1998 Presidential Documents
1999 Presidential Documents
2000 Presidential Documents
2001 Presidential Documents
2002 Presidential Documents
2003 Presidential Documents
2004 Presidential Documents

Home Executive Judicial Legislative Additional Reference About Privacy