| Home > 106th Congressional Bills > H.R. 68 (rh) To amend section 20 of the Small Business Act and make technical corrections in title III of the Small Business Investment Act. [Reported in House] ...
H.R. 68 (rh) To amend section 20 of the Small Business Act and make technical corrections in title III of the Small Business Investment Act. [Reported in House] ...
H. R. 68
IN THE SENATE OF THE UNITED STATES
February 4, 1999
February 22, 1999
Read twice and referred to the Committee on Small Business
To amend section 20 of the Small Business Act and make technical
corrections in title III of the Small Business Investment Act.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Small Business Investment Company
Technical Corrections 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) Technical Corrections.--Title III of the Small Business
Investment Act of 1958 (15 U.S.C. 661 et seq.) is amended--
(1) in section 303(g) (15 U.S.C. 683(g)), by striking
(2) in section 308 (15 U.S.C. 687) by adding at the end the
``(j) For the purposes of sections 304 and 305, in any case in
which an incorporated or unincorporated business is not required by law
to pay Federal income taxes at the enterprise level, but is required to
pass income through to its shareholders or partners, an eligible small
business or smaller enterprise may be determined by computing the
after-tax income of such business by deducting from the net income an
amount equal to the net income multiplied by the combined marginal
Federal and State income tax rate for corporations.''; and
(3) in section 320 (15 U.S.C. 687m), by striking ``6'' and
Passed the House of Representatives February 2, 1999.
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