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

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{{McCarthysInnovationInitiative
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{{Legislation
|Name of Bill=H.R.4854 Supporting America's Innovators Act
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|Has title=115-HR1219 Supporting America's Innovators Act
|Year=2016
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|Proposed in=115
|Sponsor=Rep. McHenry, Patrick T. (R-NC-10)
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|Sponsored by=Rep. McHenry, Patrick T. (R-NC-10)
|Cosponsor=Rep. Schweikert, David (R-AZ-6)
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|Reviewing committee=House - Financial Services
|Status of Bill=Passed House,
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|Has bill status=Proposed
|Related Bills=Financial CHOICE Act of 2016, Creating Financial Prosperity for Businesses and Investors Act,
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|Has keywords=McCarthy
 
}}
 
}}
 
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 11: Line 11:
 
The bill defines "qualifying venture capital fund" as one with no more than $10 million (annually adjusted for inflation) in invested capital.
 
The bill defines "qualifying venture capital fund" as one with no more than $10 million (annually adjusted for inflation) in invested capital.
  
==Bill Text==
+
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".
[Congressional Bills 114th Congress]
 
[From the U.S. Government Publishing Office]
 
[H.R. 4854 Received in Senate (RDS)]
 
  
114th CONGRESS
+
==2017 Bill Text==
  2d Session
+
115th CONGRESS
                                H. R. 4854
+
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.
  
_______________________________________________________________________
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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”.
  
                  IN THE SENATE OF THE UNITED STATES
+
SEC. 2. INVESTOR LIMITATION FOR QUALIFYING VENTURE CAPITAL FUNDS.
 
 
                              July 6, 2016
 
 
 
                                Received
 
  
_______________________________________________________________________
+
Section 3(c)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a–3(c)(1)) is amended—
  
                                AN ACT
+
(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.
  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.
+
“(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.”.
  
            Attest:
+
Passed the House of Representatives April 6, 2017.
  
                                                KAREN L. HAAS,
+
Attest: karen l. haas,  
 +
Clerk
  
                                                                Clerk.
+
==Resources==
 +
[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 Link to 114th Congress bill page]
  
==References==
+
[[Category: Legislation]] [[Category: McCarthy]]
https://www.congress.gov/bill/114th-congress/house-bill/4854
 

Latest revision as of 15:04, 18 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

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

Link to 115th Congress bill page Link to 114th Congress bill page