S.Amdt. 2017

SA 2017. Mr. FLAKE (for himself and Mr. Graham) submitted an
amendment intended to be proposed by him to the bill H.R. 2579, to
amend the Internal Revenue Code of 1986 to allow the premium tax credit
with respect to unsubsidized COBRA continuation coverage; which was
ordered to lie on the table; as follows:

Strike sections 4002 and 4003 and insert the following:

SEC. 4002. SPONSORSHIP BY CITIZENS OF SPOUSES AND CHILDREN
ONLY.

(a) In General.--Section 203(a) of the Immigration and
Nationality Act (8 U.S.C. 1153(a)) is amended--
(1) by striking paragraph (1) and inserting the following
new paragraph (1):
``(1) Spouses and children of citizens.--Qualified
immigrants who are the spouse or child of a citizen of the
United States shall be allocated visas in a number not to
exceed--
``(A) the worldwide level specified in section 201(c);
minus
``(B) 114,200.''; and
(2) by striking paragraphs (3) and (4).
(b) Conforming Amendments.--The Immigration and Nationality
Act (8 U.S.C. 1101 et seq.) is amended--
(1) in section 201(f) (8 U.S.C. 1151(f))--
(A) by striking paragraph (3);
(B) by redesignating paragraph (4) as paragraph (3); and
(C) in paragraph (3), as so redesignated, by striking
``through (3)'' and inserting ``and (2)'';
(2) in section 202 (8 U.S.C. 1152)--
(A) in subsection (a)(4), by striking subparagraph (D); and
(B) in subsection (e)(2), by striking ``through (4)'' and
inserting ``and (2)'';
(3) in section 204 (8 U.S.C. 1154)--
(A) in subsection (a)(1)--
(i) in subparagraph (A)(i), by striking ``paragraph (1),
(3), or (4) of section 203(a)'' and inserting ``section
203(a)(1)''; and
(ii) in subparagraph (D)(i)(I), by striking ``paragraph
(1), (2), or (3)'' and inserting ``paragraph (1) or (2)'';
and
(B) in subsection (f)(1), by striking ``203(a)(1), or
203(a)(3)'' and inserting ``or 203(a)(1)''; and
(4) in section 212(d)(11) (8 U.S.C. 1182(d)(11)), by
striking ``(other than paragraph (4) thereof)''.

SEC. 4003. SPONSORSHIP BY LAWFUL PERMANENT RESIDENTS OF
SPOUSES AND CHILDREN ONLY.

(a) In General.--Section 203(a)(2) of the Immigration and
Nationality Act (8 U.S.C. 1153(a)(2)) is amended to read as
follows:
``(2) Spouses and children of permanent resident aliens.--
Qualified immigrants who are the spouse or child of an alien
lawfully admitted for permanent residence shall be allocated
visas in a number not to exceed the sum of--
``(A) 114,200;
``(B) the number (if any) by which such worldwide level
exceeds 226,000; and
``(C) the number of visas not required for the class
described in paragraph (1).''.
(b) Conforming Amendments.--The Immigration and Nationality
Act (8 U.S.C. 1101 et seq.) is amended--

[[Page S1127]]

(1) in section 101(a)(15)(V) (8 U.S.C. 1101(a)(15)(V)), by
striking ``section 203(a)(2)(A)'' each place it appears and
inserting ``section 203(a)(2)'';
(2) in section 201(f)(2) (8 U.S.C. 1151(f)(2)), by striking
``section 203(a)(2)(A)'' and inserting ``section 203(a)(2)'';
(3) in section 202 (8 U.S.C. 1152)--
(A) in subsection (a)--
(i) in paragraph (2), by striking ``(3), (4), and (5)'' and
inserting ``(3) and (4)''
(ii) by striking paragraph (4); and
(iii) by redesignating paragraph (5) as paragraph (4); and
(B) in subsection (e), by striking ``, or as limiting the
number of visas that may be issued under section 203(a)(2)(A)
pursuant to subsection (a)(4)(A)'';
(4) in section 203(h) (8 U.S.C. 1153(h))--
(A) in paragraph (3), by striking ``subsections (a)(2)(A)
and (d)'' and inserting ``subsection (d)''; and
(B) by striking ``(a)(2)(A)'' each place it appears and
inserting ``(a)(2)'';
(5) in section 204 (8 U.S.C. 1154)--
(A) in subsection (a)(1)(B)--
(i) in clause (ii)--

(I) in subclause (I), by striking ``if such a child has not
been classified under clause (iii) of section 203(a)(2)(A)
and''; and
(II) in subclause (II)(cc), by striking ``section
203(a)(2)(A)'' and inserting ``section 203(a)(2)''; and

(ii) in clause (iii), by striking ``section 203(a)(2)(A)''
and inserting ``section 203(a)(2)''; and
(B) in subsection (k)(1)--
(i) by striking ``alien unmarried son or daughter's
classification as a family- sponsored immigrant under section
203(a)(2)(B)'' and inserting ``alien child's classification
as a family-sponsored immigrant under section 203(a)(2)'';
(ii) by striking ``son or daughter'' and inserting
``child''; and
(iii) by striking ``unmarried son or daughter as a family-
sponsored immigrant under section 203(a)(1)'' and inserting
``child as an immediate relative under section 201(b)(2)'';
and
(6) in section 214(q)(1)(B)(i) (8 U.S.C. 1184(q)(1)(B)(i)),
by striking ``(a)(2)(A)'' each place it appears and inserting
``(a)(2)''.

SEC. 4004. CREATION OF NONIMMIGRANT CLASSIFICATION FOR ALIEN
PARENTS OF ADULT UNITED STATES CITIZENS.

(a) In General.--Section 101(a)(15) of the Immigration and
Nationality Act (8 U.S.C. 1101(a)(15)) is amended--
(1) in subparagraph (T)(ii)(III), by striking the period at
the end and inserting a semicolon;
(2) in subparagraph (U)(iii), by striking ``or'' at the
end;
(3) in subparagraph (V)(ii)(II), by striking the period at
the end and inserting ``; or''; and
(4) by adding at the end the following:
``(W) Subject to section 214(s), an alien who is a parent
of a citizen of the United States, if the citizen is at least
21 years of age.''.
(b) Conditions on Admission.--Section 214 of the
Immigration and Nationality Act (8 U.S.C. 1184) is amended by
adding at the end the following:
``(s)(1) The initial period of authorized admission for a
nonimmigrant described in section 101(a)(15)(W) shall be 5
years, but may be extended by the Secretary of Homeland
Security for additional 5-year periods if the United States
citizen son or daughter of the nonimmigrant is still residing
in the United States.
``(2) A nonimmigrant described in section 101(a)(15)(W)--
``(A) is not authorized to be employed in the United
States; and
``(B) is not eligible for any Federal, State, or local
public benefit.
``(3) Regardless of the resources of a nonimmigrant
described in section 101(a)(15)(W), the United States citizen
son or daughter who sponsored the nonimmigrant parent shall
be responsible for the nonimmigrant's support while the
nonimmigrant resides in the United States.
``(4) An alien is ineligible to receive a visa or to be
admitted into the United States as a nonimmigrant described
in section 101(a)(15)(W) unless the alien provides
satisfactory proof that the United States citizen son or
daughter has arranged for health insurance coverage for the
alien, at no cost to the alien, during the anticipated period
of the alien's residence in the United States.''.

SEC. 4005. EFFECTIVE DATE.

(a) In General.--The amendments made by sections 4002
through 4005 shall take effect on the date that is 1 year
after the date of the enactment of this Act.
(b) Grandfathered Petitions.--Notwithstanding the
termination by this title of the family-sponsored immigrant
visa categories under section 203(a) of the Immigration and
Nationality Act (8 U.S.C. 1153(a)) (as of the date before the
date of enactment of this Act), the amendments made by this
section shall not apply, and visas shall remain available to,
any alien who has--
(1) an approved family-based petition that has not been
terminated or revoked, or
(2) a properly-filed family-based petition that is--
(A) pending with U.S. Citizenship and Immigration Services;
and
(B) based on subsection (a) of section 203 of the
Immigration and Nationality Act (8 U.S.C. 1153(a)) (as in
effect on the day before the date of enactment of this Act).
(c) Availability of Visas for Grandfathered Petitions.--The
Secretary shall continue to allocate a sufficient number of
visas in family-sponsored immigrant visa categories until the
date on which a visa has been made available, in conformance
with the numeric and per country limitations in effect on the
day before the date of enactment of this Act, to each
beneficiary of an approved petition described in paragraph
(1) or (2) of subsection (b), if the beneficiary--
(1) indicates an intent to pursue the immigrant visa not
later than 180 days after the date on which the Secretary of
State notifies the beneficiary of the availability of the
visa; and
(2) is otherwise qualified to receive a visa under this
Act.

SEC. 4006. VISA REALLOCATION.

(a) Application of Amendments.--The amendments made by
sections 4002 through 4004 shall apply only with respect to
visas issued under section 203 of the Immigration and
Nationality Act (8 U.S.C. 1153) on or after the effective
date specified in section 4006.
(b) Visa Reallocation.--Of the number of visas available
under section 203 of such Act after the effective date that
would otherwise have been available under section 203(a) of
such Act, as in effect before such effective date, such visas
shall be reallocated after such effective date--
(1) to family-sponsored immigrants under section 203(a) of
such Act to reduce or eliminate the backlog in visas under
that section; and
(2) if any visas remain for allocation after the
elimination of the backlog in visas under section 203(a) of
such Act--
(A) the number equal to 33 percent of the remaining visas
shall be available for aliens who are members of the
professions holding advanced degrees or aliens of exceptional
ability under section 203(b)(1) of such Act; and
(B) the number equal to 34 percent of the remaining visas
shall be available for aliens who are members of the
professions holding advanced degrees or aliens of exceptional
ability under section 203(b)(2) of such Act; and
(C) the number equal to 33 percent of the remaining visas
shall be available for aliens who skilled workers,
professionals, or other workers under section 203(b)(3) of
such Act.
(c) Transition Rules for Employment-based Immigrants.--
(1) In general.--Subject to paragraphs (2) through (4), and
notwithstanding title II of the Immigration and Nationality
Act (8 U.S.C. 1151 et seq.), the following rules shall apply:
(A) For fiscal year 2018, 15 percent of the immigrant visas
made available under each of paragraphs (2) and (3) of
section 203(b) of such Act (8 U.S.C. 1153(b)) shall be
allotted to immigrants who are natives of a foreign state or
dependent area that was not one of the two states with the
largest aggregate numbers of natives obtaining immigrant
visas during fiscal year 2011 under such paragraphs.
(B) For fiscal year 2019, 10 percent of the immigrant visas
made available under each of such paragraphs shall be
allotted to immigrants who are natives of a foreign state or
dependent area that was not one of the two states with the
largest aggregate numbers of natives obtaining immigrant
visas during fiscal year 2012 under such paragraphs.
(C) For fiscal year 2020, 10 percent of the immigrant visas
made available under each of such paragraphs shall be
allotted to immigrants who are natives of a foreign state or
dependent area that was not one of the two states with the
largest aggregate numbers of natives obtaining immigrant
visas during fiscal year 2015 under such paragraphs.
(2) Per-country levels.--
(A) Reserved visas.--The number of visas reserved under
each of subparagraphs (A) through (C) of paragraph (1) made
available to natives of any single foreign state or dependent
area in the appropriate fiscal year may not exceed 25 percent
(in the case of a single foreign state) or 2 percent (in the
case of a dependent area) of the total number of such visas.
(B) Unreserved visas.--Not more than 85 percent of the
immigrant visas made available under each of paragraphs (2)
and (3) of section 203(b) of the Immigration and Nationality
Act (8 U.S.C. 1153(b)) and not reserved under paragraph (1),
for each of the fiscal years 2018, 2019, and 2020, may be
allotted to immigrants who are natives of any single foreign
state.
(3) Special rule to prevent unused visas.--If, with respect
to fiscal year 2018, 2019, or 2020, the application of
paragraphs (1) and (2) would prevent the total number of
immigrant visas made available under paragraph (2) or (3) of
section 203(b) of the Immigration and Nationality Act (8
U.S.C. 1153(b)) from being issued, such visas may be issued
during the remainder of such fiscal year without regard to
paragraphs (1) and (2).
(4) Rules for chargeability.--Section 202(b) of such Act (8
U.S.C. 1152(b)) shall apply in determining the foreign state
to which an alien is chargeable for purposes of this
subsection.

SEC. 4007. ELIMINATION OF DIVERSITY VISA PROGRAM.

(a) In General.--Section 203 of the Immigration and
Nationality Act (8 U.S.C. 1153) is amended--
(1) by striking subsection (c);
(2) by redesignating subsections (d), (e), (f), (g), and
(h) as subsections (c), (d), (e), (f), and (g), respectively;

[[Page S1128]]

(3) in subsection (c), as redesignated, by striking
``subsection (a), (b), or (c)'' and inserting ``subsection
(a) or (b)'';
(4) in subsection (d), as redesignated--
(A) by striking paragraph (2); and
(B) by redesignating paragraph (3) as paragraph (2);
(5) in subsection (e), as redesignated, by striking
``subsection (a), (b), or (c) of this section'' and inserting
``subsection (a) or (b)'';
(6) in subsection (f), as redesignated, by striking
``subsections (a), (b), and (c)'' and inserting ``subsections
(a) and (b)''; and
(7) in subsection (g), as redesignated--
(A) by striking ``(d)'' each place it appears and inserting
``(c)''; and
(B) in paragraph (2)(B), by striking ``subsection (a), (b),
or (c)'' and inserting ``subsection (a) or (b)''.
(b) Technical and Conforming Amendments.--The Immigration
and Nationality Act (8 U.S.C. 1101 et seq.) is amended--
(1) in section 101(a)(15)(V) (8 U.S.C. 1101(a)(15)(V)), by
striking ``section 203(d)'' and inserting ``section 203(c)'';
(2) in section 201 (8 U.S.C. 1151)--
(A) in subsection (a)--
(i) in paragraph (1), by adding ``and'' at the end;
(ii) in paragraph (2), by striking ``; and'' and inserting
a period; and
(iii) by striking paragraph (3);
(B) by striking subsection (e); and
(C) by redesignating subsection (f) as subsection (e);
(3) in section 203(b)(2)(B)(ii)(IV) (8 U.S.C.
1153(b)(2)(B)(ii)(IV)), by striking ``section 203(b)(2)(B)''
each place such term appears and inserting ``clause (i)'';
(4) in section 204 (8 U.S.C. 1154)--
(A) in subsection (a)(1)--
(i) by striking subparagraph (I); and
(ii) by redesignating subparagraphs (J) through (L) as
subparagraphs (I) through (K), respectively;
(B) in subsection (e), by striking ``subsection (a), (b),
or (c) of section 203'' and inserting ``subsection (a) or (b)
of section 203''; and
(C) in subsection (l)(2)--
(i) in subparagraph (B), by striking ``section 203 (a) or
(d)'' and inserting ``subsection (a) or (c) of section 203'';
and
(ii) in subparagraph (C), by striking ``section 203(d)''
and inserting ``section 203(c)'';
(5) in section 214(q)(1)(B)(i) (8 U.S.C. 1184(q)(1)(B)(i)),
by striking ``section 203(d)'' and inserting ``section
203(c)'';
(6) in section 216(h)(1) (8 U.S.C. 1186a(h)(1)), in the
undesignated matter following subparagraph (C), by striking
``section 203(d)'' and inserting ``section 203(c)''; and
(7) in section 245(i)(1)(B) (8 U.S.C. 1255(i)(1)(B)), by
striking ``section 203(d)'' and inserting ``section 203(c)''.
(c) Effective Date.--The amendments made by this section
shall take effect on the first day of the first fiscal year
beginning on or after the date of the enactment of this Act.

SEC. 4008. REALLOCATION OF VISAS; GRANDFATHERED PETITIONS.

(a) Grandfathered Petitions and Visas.--Notwithstanding the
elimination under section 4007 of the diversity visa program
described in sections 201(e) and 203(c) of the Immigration
and Nationality Act (8 U.S.C. 1151(e) and 1153(c)) (as in
effect on the day before the date of enactment of this Act),
the amendments made by this section shall not apply, and
visas shall remain available, to any alien whom the Secretary
of State has selected to participate in the diversity visa
lottery for fiscal year 2018.
(b) Reallocation of Visas.--
(1) In general.--Beginning in fiscal year 2019 and ending
on the date on which the number of visas allocated for aliens
who qualify for visas under the Nicaraguan Adjustment and
Central American Relief Act (Public Law 105-100; 8 U.S.C.
1153 note) is exhausted, the Secretary of Homeland Security
shall make available the annual allocation of diversity visas
as follows:
(A) 20,000 visas shall be made available to aliens who--
(i) have earned a Ph.D. degree from a United States
institution of higher education (as defined in section 101(a)
of the Higher Education Act of 1965 (20 U.S.C. 1001(a))) in a
field of science, technology, engineering, or mathematics;
and
(ii) have an offer of employment from a United States
employer in a field related to such degree.
(B) 20,000 visas shall be made available to aliens who
qualify for an Entrepreneur Immigrant Visa.
(C) 10,000 visas shall be made available to aliens under
section 203(b)(6) of the Immigration and Nationality Act, as
added by paragraph (2)(B).
(2) Entrepreneur immigrants.--Section 203(b) of the
Immigration and Nationality Act (8 U.S.C. 1153(b)) is
amended--
(A) by redesignating paragraph (6) as paragraph (7); and
(B) by inserting after paragraph (5) the following:
``(6) Entrepreneur immigrants.--
``(A) Definitions.--In this paragraph and in sections
101(a)(15)(W) and 214(s):
``(i) Qualified angel investor.--The term `qualified angel
investor' means an individual or organized group of
individuals investing directly or through a legal entity--

``(I) each of whom is an accredited investor (as defined in
section 230.501(a) of title 17, Code of Federal Regulations,
or any similar successor regulation) investing the funds
owned by such individual or organized group in a qualified
entrepreneur's United States business entity;
``(II)(aa) if an individual, is a citizen of the United
States or an alien lawfully admitted for permanent residence;
or

``(bb) if an organized group or legal entity, a majority of
the individuals investing through such group or entity are
citizens of the United States or aliens lawfully admitted for
permanent residence; and

``(III) each of whom in the previous 3 years has made
qualified investments totaling not less than $50,000 (or such
higher amount determined appropriate by the Secretary) in
United States business entities that are less than 5 years
old.

``(ii) Qualified community development financial
institution.--The term `qualified community development
financial institution' means an entity that has been
certified by the Community Development Financial Institutions
Fund under section 1805.201 of title 12, Code of Federal
Regulations, or any similar successor regulation.
``(iii) Qualified entrepreneur.--The term `qualified
entrepreneur' means an individual who--

``(I) has a significant ownership interest, which need not
constitute a majority interest, in a United States business
entity;
``(II) is employed in a senior executive position at such
entity;
``(III) submits a business plan to U.S. Citizenship and
Immigration Services; and
``(IV) had a substantial role in the founding or early-
stage growth and development of such entity.

``(iv) Qualified government entity.--The term `qualified
government entity' means an agency or instrumentality of the
United States or of a State, local, or tribal government.
``(v) Qualified investment.--The term `qualified
investment'--

``(I) means an investment in a qualified entrepreneur's
United States business entity that is--

``(aa) a purchase from such entity of equity or convertible
debt issued by such entity;
``(bb) a secured loan;
``(cc) a convertible debt note;
``(dd) a public securities offering;
``(ee) a research and development award from a qualified
government entity to the United States business entity;
``(ff) another investment determined appropriate by the
Secretary; or
``(gg) a combination of any of the investments described in
items (aa) through (ff); and

``(II) does not include an investment from--

``(aa) such qualified entrepreneur;
``(bb) the parents, spouse, son, or daughter of such
qualified entrepreneur; or
``(cc) any corporation, company, association, firm,
partnership, society, or joint stock company over which such
qualified entrepreneur has a substantial ownership interest.
``(vi) Qualified job.--The term `qualified job' means a
full-time position at a United States business entity owned
by a qualified entrepreneur that--

``(I) is located in the United States;
``(II) has been filled for at least 2 years by a United
States citizen or legal permanent resident who is not the
qualified entrepreneur or the spouse, son, or daughter of the
qualified entrepreneur; and
``(III) is compensated at a wage level that is commensurate
with similarly situated employees in comparable positions in
the metropolitan statistical area of the employment.

``(vii) Qualified startup accelerator.--The term `qualified
startup accelerator' means a corporation, company,
association, firm, partnership, society, or joint stock
company that--

``(I) is organized under the laws of the United States or
of any State and conducts business in the United States;
``(II) in the ordinary course of business, provides a
program of training, mentorship, and logistical support to
assist entrepreneurs in growing their businesses;
``(III) is managed by individuals, the majority of whom are
citizens of the United States or aliens lawfully admitted for
permanent residence;
``(IV)(aa) regularly acquires an equity interest in
companies that participate in its programs in which the
majority of the capital so invested is committed from
individuals who are United States citizens or aliens lawfully
admitted for permanent residence, or from entities organized
under the laws of the United States or any State; or
``(bb) is an entity that has received not less than
$250,000 in funding from a qualified government entity or
entities during the previous 5 years and regularly awards
grants to companies that participate in its programs (in
which case, such grant shall be treated as a qualified
investment for purposes of clause (v));
``(V) during the previous 5 years, has acquired an equity
interest in, or, in the case of an entity described in
subclause (IV)(bb), regularly made grants to, not fewer than
10 United States business entities that--

``(aa) have participated in its programs; and
``(bb)(AA) have each secured at least $100,000 in initial
investments; or
``(BB) during any 2-year period following the date of such
acquisition, have generated not less than $500,000 in
aggregate annual revenue within the United States;

``(VI) has its primary location in the United States; and

[[Page S1129]]

``(VII) satisfies such other criteria as the Secretary may
establish.

``(viii) Qualified venture capitalist.--The term `qualified
venture capitalist' means an entity that--

``(I)(aa) is a venture capital operating company (as
defined in section 2510.3-101(d) of title 29, Code of Federal
Regulations or any successor to such regulation); or
``(bb) has management rights, as defined in, and to the
extent required by, such section 2510.3-101(d) or successor
regulation, in its portfolio companies;
``(II) has capital commitments of not less than
$10,000,000; and
``(III) has an investment adviser that--

``(aa) is registered under section 203 of the Investment
Advisers Act of 1940 (15 U.S.C. 80b-3);
``(bb) has its primary office location in the United
States;
``(cc) is directly or indirectly owned by individuals, the
majority of whom are citizens of the United States or aliens
lawfully admitted for permanent residence in the United
States;
``(dd) has been advising such entity or other similar funds
or entities for at least 2 years; and
``(ee) has advised such entity or a similar fund or entity
with respect to at least 2 investments of not less than
$500,000 made by such entity or similar fund or entity during
each of the most recent 2 years.
``(ix) Secretary.--Except as otherwise specifically
provided, the term `Secretary' means the Secretary of
Homeland Security.
``(x) Senior executive position.--The term `senior
executive position' includes the position of chief executive
officer, chief technology officer, and chief operating
officer.
``(xi) United states business entity.--The term `United
States business entity' means any corporation, company,
association, firm, partnership, society, or joint stock
company that is organized under the laws of the United States
or any State and that conducts business in the United States
that is not--

``(I) a private fund (as defined in 202(a) of the
Investment Advisers Act of 1940 (15 U.S.C. 80b-2));
``(II) a commodity pool (as defined in section 1a of the
Commodity Exchange Act (7 U.S.C. 1a));
``(III) an investment company (as defined in section 3 of
the Investment Company Act of 1940 (15 U.S.C. 80a-3); or
``(IV) an issuer that would be an investment company
without an exemption provided in--

``(aa) section 3(c) of the Investment Company Act of 1940
(15 U.S.C. 80a-3(c)); or
``(bb) section 270.3a-7 of title 17, Code of Federal
Regulations, or any similar successor regulation.
``(B) In general.--Not more than 10,000 visas shall be
available during each fiscal year for qualified immigrants
seeking to enter the United States for the purpose of
creating new businesses, as described in this paragraph.
``(C) Eligibility.--An alien who is a qualified
entrepreneur is eligible for a visa under this paragraph if--
``(i)(I) the alien maintained valid nonimmigrant status in
the United States for at least 2 years;
``(II) during the 3-year period ending on the date the
alien files an initial petition for such status under this
section--

``(aa)(AA) the alien has a significant ownership in a
United States business entity that has created not fewer than
5 qualified jobs; and
``(BB) a qualified venture capitalist, a qualified angel
investor, a qualified government entity, a qualified
community development financial institution, qualified
startup accelerator, or such other entity or type of
investors, as determined by the Secretary, or any combination
of such entities or investors, has devoted a qualified
investment or combination of qualified investments of not
less than $500,000 to the alien's United States business
entity; or
``(bb)(AA) the alien has a significant ownership interest
in a United States business entity that has created not fewer
than 5 qualified jobs; and
``(BB) during the 2-year period ending on such petition
date, has generated not less than $500,000 in annual revenue
within the United States; and

``(III) not more than 2 other aliens have received
nonimmigrant status under this section on the basis of an
alien's ownership of such United States business entity; or
``(ii)(I) the alien maintained valid nonimmigrant status in
the United States for at least 3 years before the date on
which the alien filed an application for such status;
``(II) the alien holds an advanced degree in a field of
science, technology, engineering, or mathematics that has
been approved by the Secretary;
``(III) during the 3-year period ending on the date on
which the alien files an initial petition for such status
under this section--

``(aa)(AA) the alien has a significant ownership interest
in a United States business entity that has created not fewer
than 4 qualified jobs; and
``(BB) a qualified venture capitalist, a qualified angel
investor, a qualified government entity, a qualified
community development financial institution, qualified
startup accelerator, or such other entity or type of
investors, as determined by the Secretary, or any combination
of such entities or investors, has devoted a qualified
investment or combination of qualified investments of not
less than $500,000 in total to the alien's United States
business entity; or
``(bb)(AA) the alien has a significant ownership interest
in a United States business entity that has created not fewer
than 3 qualified jobs; and
``(BB) during the 2-year period ending on such petition
date, the entity has generated not less than $500,000 in
annual revenue within the United States; and

``(IV) not more than 3 other aliens have received
nonimmigrant status under this paragraph on the basis of an
alien's ownership of such United States business entity.
``(D) New business plan requirement.--
``(i) In general.--A qualified entrepreneur shall submit a
new business plan to U.S. Citizenship and Immigration
Services if there has been a material change to the business
plan referred to in subparagraph (A)(iii)(III).
``(ii) Presumption.--There shall be a presumption in favor
of approval for any new business plan submitted pursuant to
clause (i).
``(E) Attestation.--The Secretary may require an alien
seeking a visa under this paragraph to attest, under
penalties of perjury, to the alien's qualifications.''.
(3) Notification.--
(A) Federal register.--The Secretary, in consultation with
the Secretary of State, shall publish a notice in the Federal
Register to notify affected aliens with respect to--
(i) the availability of visas under paragraph (1);
(ii) the manner in which the visas shall be allocated.
(B) Visa bulletin.--The Secretary of State shall publish a
notice in the monthly visa bulletin of the Department of
State with respect to--
(i) the availability of visas under paragraph (1);
(ii) the manner in which the visas shall be allocated.

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