Difference between revisions of "115-HR1219 Supporting America's Innovators Act"

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{{Legislation
 
{{Legislation
|Has title=
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|Has title=115-HR1219 Supporting America's Innovators Act
|Proposed in=
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|Proposed in=115
|Sponsored by=
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|Sponsored by=Rep. McHenry, Patrick T. (R-NC-10)
|Reviewing committee=
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|Reviewing committee=House - Financial Services
|Has related bills=
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|Has bill status=Proposed
|Has bill status=
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|Has keywords=McCarthy
|Has keywords=
 
 
}}
 
}}
 
 
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.
 
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.
  
Line 16: Line 14:
  
 
==2017 Bill Text==
 
==2017 Bill Text==
[Congressional Bills 115th Congress]
 
[From the U.S. Government Publishing Office]
 
[H.R. 1219 Introduced in House (IH)]
 
 
 
115th CONGRESS
 
115th CONGRESS
  1st Session
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1st Session
                                H. R. 1219
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H. R. 1219
 
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IN THE SENATE OF THE UNITED STATES
  To amend the Investment Company Act of 1940 to expand the investor
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April 6 (legislative day, April 4), 2017
limitation for qualifying venture capital funds under an exemption from
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Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs
                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  
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AN ACT
United States of America in Congress assembled,
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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.
 
SECTION 1. SHORT TITLE.
  
    This Act may be cited as the ``Supporting America's Innovators Act  
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This Act may be cited as the “Supporting America’s Innovators Act of 2017”.
of 2017''.
 
  
 
SEC. 2. INVESTOR LIMITATION FOR QUALIFYING VENTURE CAPITAL FUNDS.
 
SEC. 2. INVESTOR LIMITATION FOR QUALIFYING VENTURE CAPITAL FUNDS.
  
    Section 3(c)(1) of the Investment Company Act of 1940 (15 U.S.C.  
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Section 3(c)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a–3(c)(1)) is amended—
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.
+
(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
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.
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(2) by adding at the end the following:
  
            Attest:
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“(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.
  
                                                KAREN L. HAAS,
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“(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.”.
  
                                                                Clerk.
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Passed the House of Representatives April 6, 2017.
  
 +
Attest: karen l. haas, 
 +
Clerk
  
==References==
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==Resources==
https://www.congress.gov/bill/115th-congress/house-bill/1219/text?format=txt
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[https://www.congress.gov/bill/115th-congress/house-bill/1219/ Link to 115th Congress bill page]
https://www.congress.gov/bill/114th-congress/house-bill/4854
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[https://www.congress.gov/bill/114th-congress/house-bill/4854 Link to 114th Congress bill page]
  
[[Category: Legislation]]
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[[Category: Legislation]] [[Category: McCarthy]]

Latest revision as of 15:04, 18 April 2017

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.

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

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

115th CONGRESS 1st Session H. R. 1219 IN THE SENATE OF THE UNITED STATES April 6 (legislative day, April 4), 2017 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

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 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.”.

Passed the House of Representatives April 6, 2017.

Attest: karen l. haas, Clerk

Resources