S.Amdt. 1371
What it does: Adds SEC. 846. ECONOMIC DISADVANTAGE on page 237, line 17
Sen. Saxby Chambliss (R-GA)What it changes
1 change to S. 1042
Adds SEC. 846. ECONOMIC DISADVANTAGE on page 237, line 17
Adds a sectionPrinted pageInserted: SEC. 846. ECONOMIC DISADVANTAGE.
Inserted: Section 8(a)(6) of the Small Business Act (15 U.S.C. 637(a)(6)) is amended to read as follows:
Inserted: "(6)(A)(i) Economically disadvantaged individuals are those socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities, as compared to others in the same business area who are not socially disadvantaged.
Inserted: "(ii) In determining the degree of diminished credit and capital opportunities of a socially disadvantaged individual for purposes of clause (i), the Administrator shall consider the assets and net worth of that individual as they relates to--
Inserted: "(I) the assets and net worth of a business owner who is not socially disadvantaged; and
Inserted: "(II) the capital needs of the primary industry in which the owner of the business is engaged.
Inserted: "(iii) In determining the economic disadvantage of an Indian tribe for purposes of clause (i), the Administrator shall consider, where available--
Inserted: "(I) the per capita income of members of the tribe excluding judgment awards;
Inserted: "(II) the percentage of the local Indian population below the poverty level; and
Inserted: "(III) the access of the tribe to capital markets.
Inserted: "(B) Except as provided in paragraph (21), for purposes of this section, an individual who has been determined by the Administrator to be economically disadvantaged at the time of program entry shall be deemed to be economically disadvantaged for the term of the program.
Inserted: "(C) In computing personal net worth for the purpose of program entry under subparagraph (B), the Administrator shall exclude--
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Inserted: "(i) the value of investments that a disadvantaged owner has in the business concern of the owner, except that such value shall be taken into account under this paragraph when comparing such concerns to other concerns in the same business area that are owned by other than socially disadvantaged persons; and
Inserted: "(ii) the equity that a disadvantaged owner has in the primary personal residence of the owner.
Inserted: "(D) The Administrator shall not establish a maximum net worth that prohibits program entry that is less than $750,000.".
Original wording
On page 237, after line 17, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 1371. Mr. CHAMBLISS submitted an amendment intended to be proposed by him to the bill S. 1042, to authorize appropriations for fiscal year 2006 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe personnel strengths for such fiscal year for the Armed Forces, and for other purposes; which was ordered to lie on the table; as follows:
On page 237, after line 17, insert the following:
SEC. 846. ECONOMIC DISADVANTAGE.
Section 8(a)(6) of the Small Business Act (15 U.S.C. 637(a)(6)) is amended to read as follows:
“(6)(A)(i) Economically disadvantaged individuals are those socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities, as compared to others in the same business area who are not socially disadvantaged.
“(ii) In determining the degree of diminished credit and capital opportunities of a socially disadvantaged individual for purposes of clause (i), the Administrator shall consider the assets and net worth of that individual as they relates to--
“(I) the assets and net worth of a business owner who is not socially disadvantaged; and
“(II) the capital needs of the primary industry in which the owner of the business is engaged.
“(iii) In determining the economic disadvantage of an Indian tribe for purposes of clause (i), the Administrator shall consider, where available--
“(I) the per capita income of members of the tribe excluding judgment awards;
“(II) the percentage of the local Indian population below the poverty level; and
“(III) the access of the tribe to capital markets.
“(B) Except as provided in paragraph (21), for purposes of this section, an individual who has been determined by the Administrator to be economically disadvantaged at the time of program entry shall be deemed to be economically disadvantaged for the term of the program.
“(C) In computing personal net worth for the purpose of program entry under subparagraph (B), the Administrator shall exclude--
“(i) the value of investments that a disadvantaged owner has in the business concern of the owner, except that such value shall be taken into account under this paragraph when comparing such concerns to other concerns in the same business area that are owned by other than socially disadvantaged persons; and
“(ii) the equity that a disadvantaged owner has in the primary personal residence of the owner.
“(D) The Administrator shall not establish a maximum net worth that prohibits program entry that is less than $750,000.”.
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Senate amendment submitted
July 21, 2005