Difference between revisions of "115-HR1219 Supporting America's Innovators Act"
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[https://www.congress.gov/bill/114th-congress/house-bill/4854 Link to 114th Congress bill page] | [https://www.congress.gov/bill/114th-congress/house-bill/4854 Link to 114th Congress bill page] | ||
| − | [[Category: Legislation]] | + | [[Category: Legislation]] [[Category: McCarthy's Innovation Initiative]] |
Revision as of 15:03, 5 April 2017
| Legislation | |
|---|---|
| Title | 115-HR1219 Supporting America's Innovators Act |
| Congress | 115 |
| Sponsor | Rep. McHenry, Patrick T. (R-NC-10) |
| Committee(s) | House Financial Services |
| Status | Proposed |
| Keywords | McCarthy |
| © edegan.com, 2016 | |
This bill amends the Investment Company Act of 1940 to exempt from its coverage any issuer whose outstanding securities with respect to a qualifying venture capital fund (other than short-term paper) are beneficially owned by not more than 250 persons.
The bill defines "qualifying venture capital fund" as one with no more than $10 million (annually adjusted for inflation) in invested capital.
The bill was previously introduced in the 114th Congress in 2016 where it passed the House. The previous and current bill differ mainly in clause (2)(C) in their clarifications of the term "qualifying venture capital fund" and "venture capital fund".
2017 Bill Text
Congressional Bills 115th Congress From the U.S. Government Publishing Office H.R. 1219 Introduced in House (IH)
115th CONGRESS 1st Session H. R. 1219
To amend the Investment Company Act of 1940 to expand the investor
limitation for qualifying venture capital funds under an exemption from
the definition of an investment company.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 27, 2017
Mr. McHenry (for himself and Ms. Velazquez) introduced the following bill; which was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Investment Company Act of 1940 to expand the investor
limitation for qualifying venture capital funds under an exemption from
the definition of an investment company.
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 ``Supporting America's Innovators Act
of 2017.
SEC. 2. INVESTOR LIMITATION FOR QUALIFYING VENTURE CAPITAL FUNDS.
Section 3(c)(1) of the Investment Company Act of 1940 (15 U.S.C.
80a-3(c)(1)) is amended--
(1) in the matter preceding subparagraph (A), by inserting
``(or, in the case of a qualifying venture capital fund, 250
persons) after ``one hundred persons; and
(2) by adding at the end the following:
``(C)(i) The term `qualifying venture capital fund'
means a venture capital fund that has not more than
$10,000,000 in aggregate capital contributions and
uncalled committed capital, with such dollar amount to
be indexed for inflation once every 5 years by the
Commission, beginning from a measurement made by the
Commission on a date selected by the Commission,
rounded to the nearest $1,000,000.
``(ii) The term `venture capital fund' has the
meaning given the term in section 275.203(l)-1 of title
17, Code of Federal Regulations, or any successor
regulation..
2016 Bill Text
[Congressional Bills 114th Congress] [From the U.S. Government Publishing Office] [H.R. 4854 Received in Senate (RDS)]
114th CONGRESS
2d Session
H. R. 4854
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
July 6, 2016
Received
_______________________________________________________________________
AN ACT
To amend the Investment Company Act of 1940 to expand the investor
limitation for qualifying venture capital funds under an exemption from
the definition of an investment company.
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 ``Supporting America's Innovators Act
of 2016.
SEC. 2. INVESTOR LIMITATION FOR QUALIFYING VENTURE CAPITAL FUNDS.
Section 3(c)(1) of the Investment Company Act of 1940 (15 U.S.C.
80a-3(c)(1)) is amended--
(1) by inserting after ``one hundred persons the
following: ``(or, with respect to a qualifying venture capital
fund, 250 persons); and
(2) by adding at the end the following:
``(C) The term `qualifying venture capital fund'
means any venture capital fund (as defined pursuant to
section 203(l)(1) of the Investment Advisers Act of
1940 (15 U.S.C. 80b-3(l)(1)) with no more than
$10,000,000 in invested capital, as such dollar amount
is annually adjusted by the Commission to reflect the
change in the Consumer Price Index for All Urban
Consumers published by the Bureau of Labor Statistics
of the Department of Labor..
Passed the House of Representatives July 5, 2016.
Attest:
KAREN L. HAAS,
Clerk.
Resources
Link to 115th Congress bill page Link to 114th Congress bill page
