Employment Benefit Act - Amends the Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1993 to: (1) make the alien investor visa (EB-5) regional center program permanent; (2) establish a $2,500 regional center designation fee; and (3) increase visa set-asides for such program.
Amends the Immigration and Nationality Act regarding EB-5 provisions to: (1) establish a $2,500 premium processing fee; (2) establish in the Treasury the Immigrant Entrepreneur Regional Account Center; (3) permit concurrent filing for EB-5 petitions and status adjustment applications; (4) expand the definition of "targeted employment area" for purposes of visa set-asides; and (5) expand EB-5 eligibility to include investors who have completed investment agreements with a qualified venture capital operating company or with an "angel investor" (U.S. citizen- or permanent resident-owned entity or an entity that has made specified commercial enterprise investments).
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4259 Introduced in House (IH)]
111th CONGRESS
1st Session
H. R. 4259
To facilitate foreign investment by permanently reauthorizing the EB-5
regional center program, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 10, 2009
Mr. Polis of Colorado introduced the following bill; which was referred
to the Committee on the Judiciary
_______________________________________________________________________
A BILL
To facilitate foreign investment by permanently reauthorizing the EB-5
regional center program, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Employment Benefit Act''.
SEC. 2. PERMANENT REAUTHORIZATION OF EB-5 REGIONAL CENTER PROGRAM;
APPLICATION FEE.
(a) In General.--Section 610 of the Departments of Commerce,
Justice, and State, the Judiciary, and Related Agencies Appropriations
Act, 1993 (8 U.S.C. 1153 note) is amended--
(1) by striking ``pilot'' each place it appears;
(2) in subsection (b), by striking ``for 15 years''; and
(3) by adding at the end the following:
``(e) In addition to any other fees authorized by law, the
Secretary of Homeland Security shall impose a fee of $2,500 to apply
for designation as a regional center under this section. Fees collected
under this subsection shall be deposited in the Treasury in accordance
with section 286(w) of the Immigration and Nationality Act (8 U.S.C.
1356(w)).''.
(b) Establishment of Account; Use of Fees.--Section 286 of the
Immigration and Nationality Act (8 U.S.C. 1356) is amended by adding at
the end the following:
``(w) Immigrant Entrepreneur Regional Center Account.--
``(1) In general.--There is established in the general fund
of the Treasury a separate account, which shall be known as the
`Immigrant Entrepreneur Regional Center Account'.
Notwithstanding any other provision of law, there shall be
deposited as offsetting receipts into the account all fees
collected under section 610(b) of the Departments of Commerce,
Justice, and State, the Judiciary, and Related Agencies
Appropriations Act, 1993 (8 U.S.C. 1153 note) and any fees
collected in connection with forms I-526 or I-829.
``(2) Use of fees.--Fees collected under this section may
only be used by the Secretary of Homeland Security to
administer and operate the employment creation program
described in section 203(b)(5).''.
(c) Rulemaking.--Not later than 120 days after the date of the
enactment of this Act, the Secretary of Homeland Security shall
prescribe regulations to implement the amendments made by this section.
(d) Effective Date.--The amendments made by subsections (a)(3) and
(b) shall take effect on the effective date of the regulations
prescribed pursuant to subsection (c). The remaining amendments made by
this section shall take effect on the date of the enactment of this
Act.
SEC. 3. PREMIUM PROCESSING FEE FOR EB-5 IMMIGRANT INVESTORS.
Section 286(u) of the Immigration and Nationality Act (8 U.S.C.
1356(u)) is amended by adding at the end the following: ``In the case
of a petition filed under section 204(a)(1)(H) for classification under
section 203(b)(5), if the petitioner desires a guarantee of a decision
on the petition in 60 days or less, the premium fee under this
subsection shall be set at $2,500 and shall be deposited as offsetting
receipts in the Immigrant Entrepreneur Regional Center Account
established under subsection (w).''.
SEC. 4. CONCURRENT FILING OF EB-5 PETITIONS AND APPLICATIONS FOR
ADJUSTMENT OF STATUS.
Section 245 of the Immigration and Nationality Act (8 U.S.C. 1255)
is amended by adding at the end the following:
``(n) If, at the time a petition is filed for classification
through a regional center under section 203(b)(5), approval of the
petition would make a visa immediately available to the alien
beneficiary, the alien beneficiary's adjustment application under this
section shall be considered to be properly filed whether the
application is submitted concurrently with, or subsequent to, the visa
petition.''.
SEC. 5. IMPROVED SET-ASIDE FOR TARGETED EMPLOYMENT AREAS.
Section 203(b)(5)(B) of the Immigration and Nationality Act (8
U.S.C. 1153(b)(5)(B)) is amended as follows:
(1) Targeted employment area defined.--Clause (ii) is
amended to read as follows:
``(ii) Targeted employment area defined.--
In this paragraph, the term `targeted
employment area' means, at the time a petition
for classification under this paragraph is
filed, any of the following:
``(I) A rural area.
``(II) An area that has experienced
high unemployment (of at least 150
percent of the national average rate).
``(III) A county that has had a 20
percent or more decrease in population
since 1970.
``(IV) An area that is within the
boundaries established for purposes of
a State or Federal economic development
incentive program, including areas
defined as Enterprise Zones, Renewal
Communities and Empowerment Zones.
``(V) An area designated by a State
agency to which the Governor has
delegated the authority to designate
targeted employment areas within the
State.''.
(2) Rural area defined.--Clause (iii) is amended by
striking ``other than an area within a metropolitan statistical
area or''.
(3) Effect of prior determination.--Such section is amended
by adding at the end the following:
``(iv) Effect of prior determination.--In a
case in which a geographic area is determined
under clause (ii) to be a targeted employment
area, such determination shall remain in effect
during the 2-year period beginning on the date
of the determination for purposes of any alien
seeking a visa reserved under this
subparagraph.''.
SEC. 6. SET-ASIDE OF VISAS FOR REGIONAL CENTER PROGRAM.
Section 610(b) of the Departments of Commerce, Justice, and State,
the Judiciary, and Related Agencies Appropriations Act, 1993 (8 U.S.C.
1153 note) is amended by striking ``3,000'' and inserting ``10,000''.
SEC. 7. EXTENSION.
Subparagraph (A) of section 216A(d)(2) of the Immigration and
Nationality Act (8 U.S.C. 1186b(d)(2)(A)) is amended by adding the
following at the end thereof: ``A date specified by the applicant (but
not later than the fourth anniversary) shall be substituted for the
second anniversary in applying the preceding sentence if the applicant
demonstrates that he has attempted to follow his business model in good
faith, provides an explanation for the delay in filing the petition
that is based on circumstances outside of his control, and demonstrates
that such circumstances will be able to be resolved within the
specified period.''.
SEC. 8. STUDY.
(a) In General.--The Secretary of the Department of Homeland
Security, in appropriate consultation with the Secretary of Commerce
and other interested parties, shall conduct a study concerning the
following:
(1) Current job creation counting methodology and initial
projections under section 203(b)(5) of the Immigration and
Nationality Act (8 U.S.C. 1153(b)(5)).
(2) How best to promote the employment creation program
described in such section overseas to potential immigrant
investors.
(b) Report.--The Secretary of Homeland Security shall submit a
report to the Congress not later than 1 year after the date of the
enactment of this Act containing the results of the study conducted
under subsection (a).
SEC. 9. FULL-TIME EQUIVALENTS.
(a) In General.--Section 203(b)(5)(A)(ii) of the Immigration and
Nationality Act (8 U.S.C. 1153(b)(5)(A)(ii)) is amended by inserting
``(or full-time equivalent)'' after ``full-time''.
(b) Definition.--Section 203(b)(5)(D) of such Act (8 U.S.C.
1153(b)(5)(D)) is amended to read as follows:
``(D) Employment-related definitions.--
``(i) Full-time employment defined.--In
this paragraph, the term `full-time employment'
means employment in a position that requires at
least 35 hours of service per week at any time,
regardless of who fills the position.
``(ii) Full-time equivalent employment
defined.--In this paragraph, the term `full-
time equivalent employment' means employment
representing the number of full-time employees
that could have been employed if the reported
number of hours worked by part-time employees
had been worked by full-time employees. This
shall be calculated by dividing the part-time
hours paid by the standard number of hours for
full-time employees.''.
SEC. 10. ELIGIBILITY FOR ADJUSTMENT OF STATUS.
Section 245(k) of the Immigration and Nationality Act (8 U.S.C.
1255(k)) is amended, in the matter preceding paragraph (1), by striking
``(1), (2), or (3)'' and inserting ``(1), (2), (3), or (5)''.
SEC. 11. EXPANSION OF EB-5 ELIGIBILITY TO INCLUDE QUALIFIED IMMIGRANTS
WHO COMPLETE INVESTMENT AGREEMENTS.
(a) Changes to Investment Criteria.--Section 203(b)(5)(A) of the
Immigration and Nationality Act (8 U.S.C. 1153(b)(5)(A)) is amended--
(1) in the matter preceding clause (i), by striking
``partnership)--'' and inserting ``partnership) as follows:''
(2) in clause (i)--
(A) by striking ``(i) in which'' and inserting the
following:
``(i) A new commercial enterprise--
``(I) in which'';
(B) by striking ``, and'' at the end and inserting
a semicolon; and
(C) by adding at the end the following:
``(II) with respect to which such
alien has completed an investment
agreement with a qualified venture
capital operating company for an
investment in the enterprise of an
amount not less than the amount
specified in subparagraph (C); or
``(III) with respect to which such
alien has completed an investment
agreement with 1 or more angel
investors for an investment in the
enterprise of an amount not less than
the amount specified in subparagraph
(C).''; and
(3) in clause (ii)--
(A) by striking ``(ii) which will'' and inserting
the following:
``(ii) In the case of an enterprise--
``(I) described in clause (i)(I),
which will'';
(B) by striking the period at the end and inserting
``; or''; and
(C) by adding at the end the following:
``(II) described in subparagraph
(II) or (III) of clause (i), which will
benefit the United States economy and
create full-time employment for not
fewer than 5 United States citizens or
aliens lawfully admitted for permanent
residence or other immigrants lawfully
authorized to be employed in the United
States (other than the immigrant and
the immigrant's spouse, sons, or
daughters).''.
(b) Changes to Capital Requirements.--Section 203(b)(5)(C)(i) of
such Act (8 U.S.C. 1153(b)(5)(C)(i)) is amended by inserting after
``$1,000,000'' the following: ``in the case of an enterprise described
in subparagraph (A)(i)(I), $250,000 in the case of an enterprise
described in subparagraph (A)(i)(II), and $100,000 in the case of an
enterprise described in subparagraph (A)(i)(III)''.
(c) Definitions.--Section 203(b)(5) of such Act (8 U.S.C.
1153(b)(5)) is amended by adding at the end the following:
``(E) Qualified venture capital operating company
defined.--In this paragraph, the term `qualified
venture capital operating company' means an entity
that--
``(i) is registered under the Investment
Company Act of 1940 (15 U.S.C. 80a-1 et seq.);
or
``(ii) is an investment company, as defined
in subsection (a)(1) of section 3 of such Act
(15 U.S.C. 80a-3), that is exempt from
registration under subsection (c)(1) or (c)(7)
of such section, is not registered, and--
``(I) is organized or incorporated,
and domiciled, in the United States,
and the majority ownership of which is
composed of United States citizens or
aliens lawfully admitted to the United
States for permanent residence; or
``(II) is owned or controlled by an
entity that is organized or
incorporated, and domiciled, in the
United States, and the majority
ownership of that entity is composed of
United States citizens or aliens
lawfully admitted to the United States
for permanent residence.
``(F) Angel investor defined.--In this paragraph,
the term `angel investor' means--
``(i) any individual who is a United States
citizen or an alien lawfully admitted to the
United States for permanent residence, or any
entity wholly owned and controlled by United
States citizens or aliens lawfully admitted to
the United States for permanent residence; or
``(ii) any entity that has made at least 5
angel investments totaling at least $250,000
during the 3 years preceding the completion of
an investment agreement described in
subparagraph (A)(i)(III).
``(G) Angel investment.--In this paragraph, the
term `angel investment' means an investment made in a
commercial enterprise that, prior to such investment,
was not owned or controlled by--
``(i) the investor;
``(ii) any member of the immediate family
of the investor; or
``(iii) any entity owned or controlled by
any member of the immediate family of the
investor.''.
(d) Conforming Amendments to Conditional Permanent Status
Provisions.--
(1) Termination of status if finding that qualifying
entrepreneurship improper.--Section 216A(b)(1)(B) of such Act
(8 U.S.C. 1186b(b)(1)(B)) is amended to read as follows:
``(B)(i) the alien--
``(I) did not invest, or was not actively
in the process of investing, the requisite
capital described in section
203(b)(5)(A)(i)(I), or was not sustaining such
actions throughout the period of the alien's
residence in the United States; or
``(II) did not complete an investment
agreement described in subclause (II) or (III)
of section 203(b)(5)(A)(i), or such agreement
was not carried out or was not actively in the
process of being carried out; or
``(ii) the commercial enterprise did not--
``(I) create the minimum number of jobs
required to be created under section
203(b)(5)(A)(ii); or
``(II) generate a profit and at least
$1,000,000 in revenue; or''.
(2) Contents of petition.--Section 216A(d)(1) of such Act
(8 U.S.C. 1186b(d)(1)) is amended--
(A) in the matter preceding subparagraph (A), by
striking ``that the alien--'' and inserting ``that--'';
(B) by amending subparagraph (A) to read as
follows:
``(A)(i) the alien--
``(I) invested, or was actively in the
process of investing, the requisite capital
described in section 203(b)(5)(A)(i)(I), and
sustained such actions throughout the period of
the alien's residence in the United States; or
``(II) completed an investment agreement
described in subclause (II) or (III) of section
203(b)(5)(A)(i), and such agreement was carried
out or was actively in the process of being
carried out; and
``(ii) the commercial enterprise--
``(I) created the minimum number of jobs
required to be created under section
203(b)(5)(A)(ii); or
``(II) generated a profit and at least
$1,000,000 in revenue; and''; and
(C) in subparagraph (B), by inserting ``the alien''
before ``is otherwise''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on the Judiciary.
Referred to the Subcommittee on Immigration, Citizenship, Refugees, Border Security, and International Law.
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