Home > 106th Congressional Public Laws > Pub.L. 106-010 To designate the Federal building and United States courthouse located at 251 North Main Street in Winston-Salem, North Carolina, as the ``Hiram H. Ward Federal Building and United States Courthouse''. <> %%F...

Pub.L. 106-010 To designate the Federal building and United States courthouse located at 251 North Main Street in Winston-Salem, North Carolina, as the ``Hiram H. Ward Federal Building and United States Courthouse''. <> %%F...


Google
 
Web GovRecords.org

<DOC>



[[Page 113 STAT. 17]]

Public Law 106-9
106th Congress

                                 An Act


 
    To amend section 20 of the Small Business Act and make technical 
       corrections in title III of the Small Business Investment 
                Act. <<NOTE: Apr. 5, 1999 -  [H.R. 68]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Small Business 
Investment Improvement Act of 1999.>> 

SECTION 1. SHORT TITLE. <<NOTE: 15 USC 661 note.>> 

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

SEC. 2. SBIC PROGRAM. <<NOTE: Loans.>> 

    (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

[[Page 113 STAT. 18]]

                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:

[[Page 113 STAT. 19]]

``SEC. 101. SHORT TITLE.

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

    Approved April 5, 1999.

LEGISLATIVE HISTORY--H.R. 68 (S. 364):
---------------------------------------------------------------------------

HOUSE REPORTS: No. 106-1 (Comm. on Small Business).
SENATE REPORTS: No. 106-6 accompanying S. 364 (Comm. on Small Business).
CONGRESSIONAL RECORD, Vol. 145 (1999):
            Feb. 2, considered and passed House.
            Mar. 22, considered and passed Senate, amended, in lieu of 
                S. 364.
            Mar. 23, House concurred in Senate amendment.

                                  <all>

Pages: 1

Other Popular 106th Congressional Public Laws Documents:

1 Pub.L. 106-079 Making <> appropriations for the Department of Defense for the fiscal year ending September 30, 2000, and for other purposes. ...
2 Pub.L. 106-504 To amend the Organic Act of Guam, and for other purposes. <> ...
3 Pub.L. 106-558 To amend the National Forest and Public Lands of Nevada Enhancement Act ...
4 Pub.L. 106-121 To extend the deadline under the Federal Power Act for FERC Project No. 9401, the Mt. Hope Waterpower Project. <> ...
5 Pub.L. 106-438 To designate the facility of the United States Postal Service located at 900 East Fayette Street in Baltimore, Maryland, as the ``Judge Harry Augustus Cole Post Office Building''. <> ...
6 Pub.L. 106-399 To designate the Steens Mountain <> Wilderness Area and the Steens Mountain Cooperative Management and Protection Area in Harney County, Oregon, and for other purposes. ...
7 Pub.L. 106-542 Making further continuing appropriations for the fiscal year 2001, and for other purposes. <> ...
8 Pub.L. 106-489 To amend title 46, United States Code, to provide equitable treatment with respect to State and local income taxes for certain individuals who perform duties on vessels. <> ...
9 Pub.L. 106-524 To revise the boundary of Fort Matanzas National Monument, and for other purposes. <> ...
10 Pub.L. 106-017 To amend the Small Business Act to change the conditions of participation and provide an authorization of appropriations for the women's business center program. <> ...
11 Pub.L. 106-319 To establish the Yuma Crossing National Heritage Area. <> ...
12 Pub.L. 106-287 To grant the consent of the Congress to the Kansas and Missouri Metropolitan Culture District Compact. <> ...
13 Pub.L. 106-118 To amend title 38, United States Code, to provide a cost-of-living ...
14 Pub.L. 106-222 To require the Secretary of Agriculture to establish an electronic ...
15 Pub.L. 106-580 To amend the Public Health Service Act to establish the National Institute of Biomedical Imaging and Bioengineering. <> ...
16 Pub.L. 106-371 To increase the amount authorized to be <> appropriated for the north side pumping division of the Minidoka reclamation project, Idaho. ...
17 Pub.L. 106-419 To amend title 38, United States <
18 Pub.L. 106-502 To authorize the Secretary of the Interior to establish a program to ...
19 Pub.L. 106-042 To authorize funds for the payment of salaries and expenses of the Patent and Trademark Office, and for other purposes. <> ...
20 Pub.L. 106-115 To establish the Minuteman Missile National Historic Site in the State of South Dakota, and for other purposes. <> ...
21 Pub.L. 106-554 Making <> consolidated ...
22 Pub.L. 106-159 To amend <> title 49, United States Code, to establish the Federal Motor Carrier Safety Administration, and for other purposes. ...
23 Pub.L. 106-301 To provide for the exchange of certain lands within the State of Utah. <> ...
24 Pub.L. 106-432 To provide for the conveyance by the Bureau of Land Management to Douglas County, Oregon, of a county park and certain adjacent land. <> ...
25 Pub.L. 106-067 To amend Public Law 105-188 to provide for the mineral leasing of certain Indian lands in Oklahoma. <> ...
26 Pub.L. 106-390 To amend the Robert T. Stafford Disaster <
27 Pub.L. 106-191 To amend the Mineral Leasing Act to increase the maximum acreage of Federal leases for sodium that may be held by an entity in any one State, and for other purposes. <> ...
28 Pub.L. 106-100 To permit the enrollment in the House of Representatives Child Care Center of children of Federal employees who are not employees of the legislative branch. <> ...
29 Pub.L. 106-572 To establish a grant program to assist <> State and local law enforcement in deterring, investigating, and prosecuting computer crimes. ...
30 Pub.L. 106-088 Making further continuing appropriations for the fiscal year 2000, and for other purposes. <> ...


Other Documents:

106th Congressional Public Laws 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