Title 48 — Territories and Insular Possessions
Chapter 20 — Puerto Rico Oversight, Management, and Economic Stability
§ 2199. Expansion of HUBZones in Puerto Rico
Statutory text
Omitted
Improving oversight
Guidance
Not later than 270 days after , the Administrator of the Small Business Administration shall develop and implement criteria and guidance on using a risk-based approach to requesting and verifying information from entities applying to be designated or recertified as qualified HUBZone small business concerns (as defined in section 632(p)(5) 1 of title 15).
Assessment
Not later 1 year after the date on which the criteria and guidance described in paragraph (1) is implemented, the Comptroller General of the United States shall begin an assessment of such criteria and guidance. Not later than 6 months after beginning such an assessment, the Comptroller General shall submit a report to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives that includes—
an assessment of the criteria and guidance issued by the Administrator of the Small Business Administration in accordance with paragraph (1);
an assessment of the implementation of the criteria and guidance issued by issued by 1 the Administrator of the Small Business Administration in accordance with paragraph (1);
an assessment as to whether these measures have successfully ensured that only qualified HUBZone small business concerns are participating in the HUBZone program under section 657a of title 15;
an assessment as to whether the reforms made by the criteria and guidance implemented under paragraph (1) have resulted in job creation in the Commonwealth of Puerto Rico; and
recommendations on how to improve controls in the HUBZone program.
Footnotes
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Puerto Rico Oversight, Management, and Economic Stability Act
Pub. L. 114–187 title IV § 412 · 130 Stat. 549
Enacted · 48 U.S.C. § 2199
(Pub. L. 114–187, title IV, § 412, June 30, 2016, 130 Stat. 595.)
Source evidence
Code source credit
(Pub. L. 114–187, title IV, § 412, June 30, 2016, 130 Stat. 595.)Enacted provision · exact public law section
SEC. 412. EXPANSION OF HUBZONES IN PUERTO RICO. (a) In General.— (1) Section 3(p)(4)(A) of the Small Business Act (15 U.S.C. 632(p)(4)(A)) is amended to read as follows: “(A) Qualified census tract.— “(i) In general.— The term ‘qualified census tract’ has the meaning given that term in section 42(d)(5)(B)(ii) of the Internal Revenue Code of 1986. “(ii) Exception.— For any metropolitan statistical area in the Commonwealth of Puerto Rico, the term ‘qualified census tract’ has the meaning given that term in section 42(d)(5)(B)(ii) of the Internal Revenue Code of 1986 as applied without regard to subclause (II) of such section, except that this clause shall only apply— “(I) 10 years after the date that the Administrator implements this clause, or “(II) the date on which the Financial Oversight and Management Board for the Commonwealth of Puerto Rico created by the Puerto Rico Oversight, Management, and Economic Stability Act ceases to exist, whichever event occurs first.” . (2) Regulations.— The Administrator of the Small Business Administration shall issue regulations to implement the amendment made by paragraph (1) not later than 90 days after the date of the enactment of this Act. (b) Improving Oversight.— (1) Guidance.— Not later than 270 days after the date of the enactment of this Act, the Administrator of the Small Business Administration shall develop and implement criteria and guidance on using a risk-based approach to requesting and verifying information from entities applying to be designated or recertified as qualified HUBZone small business concerns (as defined in section 3(p)(5) of the Small Business Act (15 U.S.C. 632(p)(5))). (2) Assessment.— Not later 1 year after the date on which the criteria and guidance described in paragraph (1) is implemented, the Comptroller General of the United States shall begin an assessment of such criteria and guidance. Not later than 6 months after beginning such an assessment, the Comptroller General shall submit a report to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives that includes— (A) an assessment of the criteria and guidance issued by the Administrator of the Small Business Administration in accordance with paragraph (1); (B) an assessment of the implementation of the criteria and guidance issued by issued by the Administrator of the Small Business Administration in accordance with paragraph (1); (C) an assessment as to whether these measures have successfully ensured that only qualified HUBZone small business concerns are participating in the HUBZone program under section 31 of the Small Business Act (15 U.S.C. 657a); (D) an assessment as to whether the reforms made by the criteria and guidance implemented under paragraph (1) have resulted in job creation in the Commonwealth of Puerto Rico; and (E) recommendations on how to improve controls in the HUBZone program.
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
Section 632(p)(5) of title 15, referred to in subsec. (b)(1), was redesignated as section 657a(b)(5) of Title 15, Commerce and Trade, by Pub. L. 115–91, div. A, title XVII, § 1701(a)(2), , 131 Stat. 1795.
Codification
Section is comprised of section 412 of Pub. L. 114–187. Subsec. (a)(1) of section 412 of Pub. L. 114–187 amended section 632 of Title 15, Commerce and Trade. Subsec. (a)(2) of section 412 of Pub. L. 114–187 enacted provisions set out as a note under section 632 of Title 15.