II
110th CONGRESS
2d Session
S. 2751
IN THE SENATE OF THE UNITED STATES
March 12, 2008
Mr. Leahy (for himself and Mr. Specter) introduced the following bill; which was read twice and 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.
Short title
This Act may be cited as
the State Foreign Investment
Improvement Act
.
Permanent reauthorization of EB–5 regional center program; application fee
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—
by striking
pilot
each place it appears;
in subsection
(b), by striking for 15 years
; and
by adding at the end the following:
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)).
.
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:
Immigrant Entrepreneur Regional Center Account
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).
Use of fees
Fees collected under this section may only be used by the Secretary of Homeland Security to administer and operate the EB–5 immigrant investor program.
.
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.
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).
Premium processing fee for EB–5 immigrant investors
In general
Section 286(u) of the Immigration and Nationality Act (8
U.S.C. 1356(u)) is amended by striking $1,000,
and inserting
$1,000 per petition. If the petition is filed under section 203(b)(5),
the fee shall be set at $2,000 and may only be used by the Secretary of
Homeland Security to administer and operate the EB–5 immigrant investor
program. Fees collected under this subsection
.
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 amendment made by subsection (a).
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:
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.
.