The Amendment for Crowdfunding Capital Enhancement and Small-business Support Act of 2023 has re-emerged in Congress. Originally introduced into the House in December of 2023, HR 2865 has now been referred to the House Financial Services Committee, indicating it may come up for a vote.
The bill is simple in its objective. For securities issued under Reg CF [Regulation Crowdfunding], it will increase the threshold for requiring reviewed financials from the issuer from $100,000 to $250,000. Income tax returns and certified financials will no longer be required for offerings less than $250,000.
Representative Daniel Meuser has sponsored the legislation, garnering the support of co-sponsors Representatives Bill Huizenga, Pete Sessions, and Zachary Nunn. Each Representative is a Republican.
Other bills working their way through Congress may also help entrepreneurs and smaller investors access capital and opportunity. Perhaps the most impactful legislation at the moment is HR 2799, which has been approved by the House and is now waiting on the Senate Banking Committee to take up the legislation—if they do at all.