S.Amdt. 1716

1. Adds SEC. ___. REQUIREMENTS FOR INVEST VISA wherever appropriate

   Adds a section

   Inserted: SEC. ___. REQUIREMENTS FOR INVEST VISA.

   Inserted: (a) INVEST Nonimmigrants.--Section 214(s)(3) of the Immigration and Nationality Act, as added by section 4801, is further amended--

   Inserted: (1) in subparagraph (A), by striking "$250,000" and inserting "an additional $150,000"; and

   Inserted: (2) by adding at the end the following: "The alien may obtain a 2-year renewal if the alien sold his or her United States business entity to an unrelated United States business entity for an amount not less than $250,000, in a bona fide arm's-length transaction, and prior to such sale, the alien's United States business entity created no fewer than 3 qualified jobs.".

   Inserted: (b) INVEST Immigrants.--Section 203(b)(6) of the Immigration and Nationality Act, as added by section 4802, is further amended--

   Inserted: (1) in subparagraph (A)--

   Inserted: (A) by striking clause (ii) and inserting the following:

   Inserted: "(ii) Qualified entrepreneur.--

   Inserted: "(I) In general.--The term 'qualified entrepreneur' means an individual who--

   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.

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   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.";

   Inserted: (B) in clause (v), by striking subclause (III) and inserting the following:

   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 not less than 1 percent of the equity of the United States business entity on an 'as-converted' basis."; and

   Inserted: (C) in clause (viii)(III), by striking items (cc) and (dd) and inserting the following:

   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.";

   Inserted: (2) by striking subparagrah (B) and inserting the following:

   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.";

   Inserted: (3) in subparagraph (C)(i)(III)--

   Inserted: (A) by striking "3-year period" and inserting "6-year period";

   Inserted: (B) in item (bb)(BB)--

   Inserted: (i) by striking "2-year period" and inserting "3-year period"; and

   Inserted: (ii) by inserting after "revenue" the following: ", in any 12-month period during that 3-year period,".

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

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As printed