S 3442 · 112th Congress 2011–2013, ended

SUCCESS Act of 2012

Latest action · Nov 29, 2012 Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 112-908.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedJul 25, 2012
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Success Ultimately Comes from Capital, Contracting, Education, Strategic Partnerships, and Smart Regulations Act of 2012 or SUCCESS Act of 2012 - Amends the Internal Revenue Code to temporarily extend: (1) the 100% exclusion from gross income of gain from the sale or exchange of qualified small business stock, (2) the increased tax deduction for business start-up expenses, (3) a reduction from 10 to 5 years in the recognition period for built-in gains of S corporations, (4) the five-year carryback of tax credit amounts of eligible small businesses, and (5) the increased expensing of depreciable business assets.

EXCEL Act of 2012- Amends the Small Business Investment Act of 1958 to: (1) authorize the Administrator of the Small Business Administration (SBA) to guarantee the payment of up to $4 billion per fiscal year for debentures or participating securities issued by small business investment companies (SBICs) to encourage the formation and growth of small businesses, (2) increase the maximum amount of outstanding leverage for two or more commonly-controlled SBICs, (3) authorize annual inflationary adjustments of such limits, (4) direct the Administrator to make publicly available specified fiscal and related information with respect to each SBIC, and (5) allow SBIC licensing fees to be used for SBIC program needs other than the costs of licensing examinations. Expresses the sense of Congress supporting SBIC partnerships with community banks and other lenders.

Amends the Small Business Jobs Act of 2010 to extend through March 27, 2014 (under current law, through September 27, 2012) the authority for SBA refinancing of small business debt not involving business expansion under the SBA's local development business loan program.

Amends the Small Business Act to direct the Administrator to make publicly available a user-friendly database of information related to lenders making loans under such Act or the Small Business Investment Act of 1958.

Small Business Export Growth Act of 2012 - Requires certain reports to Congress: (1) on improving access to export information on the Export.gov website, and (2) for developing a single website for complying with and disseminating information about U.S. export control laws and regulations.

Requires: (1) at least one outreach event each fiscal year in each state with respect to sales opportunities for the export of small business goods and services, (2) the establishment of a Small Business Inter-Agency Task Force on Export Financing, (3) a program to cross-train export finance specialists with respect to the promotion of exports by rural small businesses, (4) a program to register export management companies, and (5) development of a small business trade strategy. Adds the Commonwealth of the Northern Mariana Islands to the list of U.S. territories and possessions eligible for SBA grants to carry out export programs that assist certain small businesses.

Directs the Administrator to develop and submit to Congress a plan for using SBA entrepreneurial development programs to create jobs during FY2013-FY2014.

Women's Small Business Ownership Act of 2012 - Directs the SBA's Office of Women's Business Ownership to address issues concerning the management, operations, manufacturing, technology, finance, retail and product sales, international trade, government contracting, and other disciplines required for starting, operating, and increasing the business of a small business. Authorizes the Administrator to provide financial assistance to qualifying entities to conduct projects designed to provide training and counseling meeting the needs of women business owners, especially socially and economically disadvantaged women business owners. Directs the Comptroller General (CG) to study and report to Congress on: (1) the unique economic issues facing women's business centers located in predominately rural, urban, or insular areas; and (2) SBA oversight of women's business centers.

Requires that, after December 31, 2013, the Administrator make certain minority entrepreneurship and innovation grants only to institutions of higher education that are accredited (and not merely in preaccreditation status) by a nationally recognized accrediting agency. Increases SBDC funding levels.

Allows the Administrator to authorize a SBDC to provide assistance to small businesses outside the state of that SBDC, without regard to geographical proximity, if the small business is in an area for which the President has declared a major disaster.

Terminates SBDC authority to assist small businesses in responding to the impact of planned closures or force reductions at nearby military facilities. Repeals: (1) the Paul D. Coverdell drug-free workplace demonstration program, and (2) the National Veterans Business Development Corporation.

Allows the Administrator to guarantee a surety against any loss resulting from the breach of a bond by a principal on any work order or contract amount up to $5 million (under current law, up to $2 million). Requires the Administrator to reimburse such a surety unless the total contract exceeds such increased amount.

Small Business Contracting Fraud Prevention Act of 2012 - Includes under penalties for misrepresentation a business that misrepresents itself as a small business owned and controlled by service-disabled veterans. Includes under such penalties misrepresentation for purposes of the award of a grant or cooperative agreement through the SBA. Expands authorized remedies to include civil remedies available under the False Claims Act, as well as the amount actually received from the federal government under a contract, grant or cooperative agreement, or losses sustained. Provides additional events or instances under which an entity shall be considered to have misrepresented its status. Requires an entity seeking status as a small business owned and controlled by service-disabled veterans to submit an annual certification of such status, and to register with specified databases that track veteran small businesses.

Amends the 8(a) (SBA general small business loan) program to direct the CG, every three years, to evaluate the program and report evaluation results. Requires related program oversight by the Administrator.

Directs the Administrator to: (1) ensure the accuracy and appropriate revision of HUBZone (heavily underutilized business zone) maps, (2) ensure that only small businesses determined to be qualified to participate in HUBZone programs are participating, (3) report on HUBZone small business applications or recertifications, and (4) develop measures and implement plans to assess the effectiveness of the HUBZone program. Requires an annual report from the Administrator on suspensions, debarments, and prosecutions related to unauthorized participation in, or misrepresentation under, SBA programs.

Fairness in Women-Owned Small Business Contracting Act of 2012 - Revises provisions concerning the procurement program for women-owned small businesses (providing a federal procurement contracting preference to such businesses) to: (1) remove the requirement that the woman or women owning such business be economically disadvantaged, (2) remove contract award price limits, and (3) allow a contracting officer to award a sole source contract to such a business under the same conditions as such a contract may be awarded to a qualified HUBZone small business. Directs the Administrator to periodically conduct a study to identify any U.S. industry in which women are underrepresented.

Small Business Champion Act of 2012 - Requires the Director of the Small and Disadvantaged Business Utilization (established in each federal agency having procurement functions) to be compensated at least at the GS-15 rate, and allows such position to be compensated at up to a Senior Executive Service level. Provides additional Director duties.

Amends the Federal Acquisition Streamlining Act of 1994 to require the Small Business Procurement Advisory Council to: (1) conduct reviews of each Office of Small and Disadvantaged Business Utilization to determine compliance with SBA requirements, and (2) identify best practices for maximizing small business utilization in federal contracting.

Expresses the sense of Congress in support of reduced paperwork burdens on small businesses and in maximizing their use of common applications in interaction with federal agencies. Establishes the Executive Committee on a Small Business Common Application.

Requires a CG report evaluating the status of programs authorized and amendments made under this Act.

Cosponsors 8

Members who signed on, in the order they did. Signatures ran from Jul 26, 2012 to Sep 10, 2012.

SeatCosponsorSigned on
D-CABarbara BoxerJul 26, 2012
D-MDBenjamin L. CardinJul 26, 2012
D-NHJeanne ShaheenJul 26, 2012
D-ORJeff MerkleyJul 26, 2012
D-NYKirsten E. GillibrandJul 26, 2012
D-CTRichard BlumenthalJul 26, 2012
D-RISheldon WhitehouseJul 26, 2012
I-CTJoseph I. LiebermanSep 10, 2012

Committees 2

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
SenateFinance Committee
Referred Jul 25, 2012
SenateSmall Business and Entrepreneurship Committee
Hearings Nov 29, 2012

Actions 4

Everything that happened, newest first.

  1. Nov 29, 2012Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 112-908.
  2. Jul 25, 2012Introduced in Senate
  3. Jul 25, 2012Sponsor introductory remarks on measure. (CR S5386-5390)
  4. Jul 25, 2012Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5390-5401)

In the Congressional Record 1

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

WhereIn the RecordMembersDate
SenateDebate and remarks S5386–S5390Text printed S5390–S5401Mary L. Landrieu D-LA (text)Jul 25, 2012

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

CRS reports 2

Congressional Research Service work that CRS links to this bill or the law it became, newest first.

Cite it 2

Products on other subjects that cite it, usually among other measures.

Related bills 11

Companion bills and other measures the record links to this one.

Titles 9

Every title it has carried, official and short, at each stage.

Official Title as Introduced
A bill to provide tax incentives for small businesses, improve programs of the Small Business Administration, and for other purposes.
Short Titles as Introduced
SUCCESS Act of 2012
Success Ultimately Comes from Capital, Contracting, Education, Strategic Partnerships, and Smart Regulations Act of 2012
Short Titles as Introduced for portions of this bill
Small Business Champion Act of 2012
Fairness in Women-Owned Small Business Contracting Act of 2012
Small Business Contracting Fraud Prevention Act of 2012
Small Business Export Growth Act of 2012
EXCEL Act of 2012
Women's Small Business Ownership Act of 2012

Subjects

Assigned by the Library of Congress. Policy area: Commerce.

Text 1

Each version as it was printed, newest first.

  1. Jul 25, 2012Introduced in Senate

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.