S.Amdt. 1364
What it does: 9 changes: replaces text in 8 places, inserts text
Sen. Mark R. Warner (D-VA)What it changes
9 changes to S. 744
Change 1: Replaces “$250,000” with “an additional $150,000”
[struck: $250,000][inserted: an additional $150,000]Original wording
On page 1852, line 1, strike “$250,000” and insert “an additional $150,000”.
Change 2: Rewrites page 1854, lines 4–20
ReplacesPrinted pageRemoves page 1854, lines 4–20 of the printed bill. See that page
Inserted: (ii) Qualified entrepreneur.--
Inserted: (I) In general.--The term "qualified entrepreneur
Inserted: "(aa) has a significant ownership interest, which need not constitute a majority interest, in a United States business entity;
Inserted: "(bb) is employed in a senior executive position of such United States business entity; and
Inserted: "(cc) had a substantial role in the founding or early-stage growth and development of such United States business entity.
Inserted: "(II) Waiver of significant owner interest requirement.--Notwithstanding subclause (I)(aa), the Secretary may determine that an individual that does not have a significant ownership interest in a United States business entity but that otherwise meets the requirements of subclause (I) is a qualified entrepreneur if the business entity was acquired in a bona fide arm's length transaction by another United States business entity.
Original wording
On page 1854, strike lines 4 through 20, and insert the following:
Change 3: Rewrites page 1856, lines 19–21
ReplacesPrinted pageRemoves page 1856, lines 19–21 of the printed bill. See that page
Inserted: (III)(aa) pays a wage that is not less than 250 percent of the Federal minimum wage; or
Inserted: (bb) provides to the holder of the position equity compensation in an amount equal to 1 percent of the equity of the United States business entity on an 'as-converted' basis.
Original wording
On page 1856, strike lines 19 through 21, and insert the following:
Change 4: Rewrites page 1861, lines 16–25
ReplacesPrinted pageRemoves page 1861, lines 16–25 of the printed bill. See that page
Inserted: (cc) has been advising such entity or other similar funds or a series of funds for at least 2 years; and
Inserted: (dd) has advised such entity or a similar fund or a series of funds with respect to at least 2 investments of not less than $500,000 made by such entity or similar fund or series of funds during at least 2 of the most recent 3 years.
Original wording
On page 1861, strike lines 16 through 25, and insert the following:
Change 5: Rewrites page 1863, lines 13–17
ReplacesPrinted pageRemoves page 1863, lines 13–17 of the printed bill. See that page
Inserted: (B) Availability of visas.--
Inserted: (i) In general.--Visas shall be available, in a number not to exceed 10,000 for each fiscal year, to qualified immigrants seeking to enter the United States for the purpose of creating new businesses, as described in this paragraph.
Inserted: (ii) Additional visas.--
Inserted: (I) In general.--An additional 5,000 visas for each fiscal year shall be reallocated from unused visas if the Secretary determines, after receiving the report required by subclause (II), that the provision of visas under this paragraph has been effective in creating new businesses and that there would be additional economic benefit derived from the provision of additional visas under this paragraph.
Inserted: (II) GAO report.--Not later than 30 days after the end of each fiscal year, the Comptroller General of the United States shall submit to Congress and the Secretary a report on the effectiveness of providing visas under this section in creating new businesses and recommendations with respect to the provision of such visas. The Secretary shall provide any necessary data to Comptroller General upon request.
Original wording
On page 1863, strike lines 13 through 17, and insert the following:
Change 6: Replaces “3-year period” with “6-year period”
[struck: 3-year period][inserted: 6-year period]Original wording
On page 1864, line 1, strike “3-year period” and insert “6-year period”.
Change 7: Replaces “2-year period” with “3-year period”
[struck: 2-year period][inserted: 3-year period]Original wording
On page 1865, line 1, strike “2-year period” and insert “3-year period”.
Change 8: Inserts “, in any 12-month period during that 3-year period,” after “revenue”
…revenue[inserted: , in any 12-month period during that 3-year period,]…
Original wording
On page 1865, line 3, insert after “revenue” the following: “, in any 12-month period during that 3-year period,”.
Change 9: Replaces the semicolon on page 1865, line 8 with “; or”
ReplacesPrinted page…
[struck: ;][inserted: ; or]Original wording
On page 1865, line 8, strike the semicolon and insert “; or”.
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 1364. Mr. WARNER (for himself and Mr. Udall of Colorado) submitted an amendment intended to be proposed by him to the bill S. 744, to provide for comprehensive immigration reform and for other purposes; which was ordered to lie on the table; as follows:
On page 1852, line 1, strike “$250,000” and insert “an additional $150,000”.
On page 1854, strike lines 4 through 20, and insert the following:
“(ii) Qualified entrepreneur.--
“(I) In general.--The term “qualified entrepreneur” means an individual who--
“(aa) has a significant ownership interest, which need not constitute a majority interest, in a United States business entity;
“(bb) is employed in a senior executive position of such United States business entity; and
“(cc) had a substantial role in the founding or early-stage growth and development of such United States business entity.
“(II) Waiver of significant owner interest requirement.--Notwithstanding subclause (I)(aa), the Secretary may determine that an individual that does not have a significant ownership interest in a United States business entity but that otherwise meets the requirements of subclause (I) is a qualified entrepreneur if the business entity was acquired in a bona fide arm's length transaction by another United States business entity.
On page 1856, strike lines 19 through 21, and insert the following:
“(III)(aa) pays a wage that is not less than 250 percent of the Federal minimum wage; or
“(bb) provides to the holder of the position equity compensation in an amount equal to 1 percent of the equity of the United States business entity on an ‘as-converted' basis.
On page 1861, strike lines 16 through 25, and insert the following:
“(cc) has been advising such entity or other similar funds or a series of funds for at least 2 years; and
“(dd) has advised such entity or a similar fund or a series of funds with respect to at least 2 investments of not less than $500,000 made by such entity or similar fund or series of funds during at least 2 of the most recent 3 years.
On page 1863, strike lines 13 through 17, and insert the following:
“(B) Availability of visas.--
“(i) In general.--Visas shall be available, in a number not to exceed 10,000 for each fiscal year, to qualified immigrants seeking to enter the United States for the purpose of creating new businesses, as described in this paragraph.
“(ii) Additional visas.--
“(I) In general.--An additional 5,000 visas for each fiscal year shall be reallocated from unused visas if the Secretary determines, after receiving the report required by subclause (II), that the provision of visas under this paragraph has been effective in creating new businesses and that there would be additional economic benefit derived from the provision of additional visas under this paragraph.
“(II) GAO report.--Not later than 30 days after the end of each fiscal year, the Comptroller General of the United States shall submit to Congress and the Secretary a report on the effectiveness of providing visas under this section in creating new businesses and recommendations with respect to the provision of such visas. The Secretary shall provide any necessary data to Comptroller General upon request.
On page 1864, line 1, strike “3-year period” and insert “6-year period”.
On page 1865, line 1, strike “2-year period” and insert “3-year period”.
On page 1865, line 3, insert after “revenue” the following: “, in any 12-month period during that 3-year period,”.
On page 1865, line 8, strike the semicolon and insert “; or”.
Legislative Activity
Stay on top of the latest movement without scrolling through every action
Senate amendment submitted
June 19, 2013