Small Business Investment Improvement Act of 1999

[AI summary unavailable — showing source text] Small Business Investment Company Technical Corrections Act of 1999 - Amends the Small Business Investment Act of 1958 to define "interest" for purposes of small business loans granted under the Small Business Investment Company (SBIC) program. Amends the Small Business Act to increase the FY 1999 and 2000 funding levels for such program. Amends the Small Business Investment Act of 1958 to: (1) remove a requirement that at least 50 percent of the annual program level of approved participating securities under the SBIC program be reserved for funding with SBICs having private capital of not more than $20 million; (2) provide for the determination of an eligible small business or smaller enterprise that is not required to pay Federal income tax at the corporate level but that is required to pass income through to its shareholders or partners by using a specified formula to compute its after-tax income; and (3) require the Small Business Administration to issue SBIC guarantees and trust certificates at periodic intervals of not less than 12 (currently six) months.…