S.Amdt. 1908

SA 1908. Mr. CARDIN submitted an amendment intended to be proposed by him to the bill S. 1260, to establish a new Directorate for Technology and Innovation in the National Science Foundation, to establish a regional technology hub program, to require a strategy and report on economic security, science, research, innovation, manufacturing, and job creation, to establish a critical supply chain resiliency program, and for other purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. REINSTATING SPECIALIZED SMALL BUSINESS INVESTMENT COMPANIES.

Section 301 of the Small Business Investment Act of 1958 (15 U.S.C. 681) is amended by inserting after subsection (c) the following:

“(d) Specialized Small Business Investment Companies.--

“(1) In general.--Notwithstanding any other provision of this Act, a small business investment company, the investment policy of which is that its investments will be made solely in small business concerns located in an area described in paragraph (2) may be--

“(A) organized and chartered under State business or nonprofit corporation statutes, or formed as a limited partnership; and

“(B) licensed by the Administration to operate under the provisions of this Act.

“(2) Areas.--The areas described in this paragraph are--

“(A) a community that has been designated as a qualified opportunity zone under section 1400Z-1 of the Internal Revenue Code of 1986;

“(B) a HUBZone, as defined in section 31(b) of the Small Business Act (15 U.S.C. 657a(b)); and

“(C) any census tract or other area that is treated as a low-income community for purposes of section 45D of the Internal Revenue Code of 1986.”.