Investing in All of America Act of 2023

The maximum SBIC leverage ratio was reduced from 300 to 200, meaning SBICs can borrow less relative to their private capital base.

A new dollar cap of $125 million was added to the exclusion for investments in low-income, rural, and critical technology areas. The exclusion is now limited to the lesser of 50 percent of private capital or $125 million (previously only the 50 percent limit applied).

A new prospective applicability rule was added: investments are only eligible for the leverage exclusion if made after the date of enactment. Previously there was no such temporal restriction.

The definition of private capital was amended to add 'a foundation, endowment, or trust of a college or university' as an eligible source, and to remove the requirement that pension plans be established prior to October 1, 1987.

A new exclusion was added stating that funds obtained directly or indirectly from any Federal, State, or local government do not count as private capital for leverage approval purposes (except certain already-listed exceptions).

The annual CPI adjustment provision now specifies fixed baseline dates (December 18, 2015 and June 21, 2018) instead of referencing the most recent prior adjustment, making the inflation indexing more precise.