S. 2385 (is) To direct the Secretary of the Army to establish a program to market dredged material. [Introduced in Senate] ...

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108th CONGRESS
  2d Session
                                S. 2384

 To amend the Small Business Act to permit business concerns that are 
   owned by venture capital operating companies or pension plans to 
     participate in the Small Business Innovation Research Program.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 5, 2004

   Mr. Bond (for himself, Ms. Snowe, and Mr. Kennedy) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
 To amend the Small Business Act to permit business concerns that are 
   owned by venture capital operating companies or pension plans to 
     participate in the Small Business Innovation Research Program.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SBIR AWARDS TO BUSINESS CONCERNS OWNED BY VENTURE CAPITAL 
              OPERATING COMPANIES OR EMPLOYEE BENEFIT OR PENSION PLANS.

    (a) In General.--Section 9(f) of the Small Business Act (15 U.S.C. 
638(f)) is amended by adding at the end the following:
            ``(4) Eligibility.--A business concern shall not be 
        prevented from participating in the Small Business Innovation 
        Research Program solely because such business concern is owned 
        in part by--
                    ``(A) a venture capital operating company that is 
                managed and controlled by 1 or more United States 
                citizens or permanent resident aliens; or
                    ``(B) an employee benefit or pension plan.''.
    (b) Rulemaking Authority.--Not later than 180 days after the date 
of enactment of this Act, the Administrator of the Small Business 
Administration shall issue regulations to--
            (1) carry out the amendment made by subsection (a);
            (2) ensure that a Small Business Innovation Research award 
        is not given to a business concern that is majority owned by--
                    (A) another business concern that is ineligible to 
                participate in the Small Business Innovation Research 
                Program; or
                    (B) a venture capital operating company or an 
                employee benefit or pension plan that is the alter ego, 
                instrumentality, or identity of another business 
                concern that is ineligible to participate in the Small 
                Business Innovation Research Program.
                                 <all>

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