H.R. 5874: American Entrepreneurship and Investment Act of 2012

http://www.govtrack.us/congress/bills/112/hr5874/text

http://www.govtrack.us/congress/bills/112/hr5874

To facilitate foreign investment by permanently reauthorizing the EB-5 regional center program, and for other purposes.

Sponsor:
Rep. Jared Polis [D-CO2]
Status:
Referred to Committee

This bill has a 1% chance of being enacted. The following factors were considered:

The sponsor is a member of the minority party. (-2%)

Just 4% of all House bills in 2009–2010 were enacted.

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SECTION 1. SHORT TITLE.

This Act may be cited as the ‘American Entrepreneurship and Investment Act of 2012’.

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).