H.R. 6493 (112th): Global Investments in America’s Cities Act

112th Congress, 2011–2013. Text as of Sep 21, 2012 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

2d Session

H. R. 6493

IN THE HOUSE OF REPRESENTATIVES

September 21, 2012

introduced the following bill; which was referred to the Committee on the Judiciary

A BILL

To create jobs by attracting global investment to economically distressed urban areas, and for other purposes.

1.

Short title

This Act may be cited as the Global Investments in America’s Cities Act.

2.

Modification of EB–5 visa program

Section 203(b)(5) of the Immigration and Nationality Act (8 U.S.C. 1153(b)(5)) is amended by adding at the end the following:

(E)

Set-aside for economically distressed urban areas

(i)

In general

Not less than 3,000 of the visas made available under this paragraph in each fiscal year shall be reserved for qualified immigrants seeking to invest in a new commercial enterprise described in subparagraph (A) which will create employment in an economically distressed urban area and—

(I)

with respect to which such alien or a relative of that alien has invested or, is actively in the process of investing, in that new enterprise, capital in an amount not less than the amount specified in clause (ii);

(II)

with respect to which such alien has completed an investment agreement with a qualified venture capital operating company for an investment in that new enterprise of an amount not less than the amount specified in clause (ii); or

(III)

with respect to which such alien has completed an investment agreement with one or more angel investors for an investment in that new enterprise of an amount not less than the amount specified in clause (ii).

(ii)

Capital amount required

The amount of capital specified in this clause is $250,000. To account for inflation, the Secretary of Homeland Security may by rule adjust the amount of capital specified in this clause.

(iii)

Definitions

In this subparagraph:

(I)

Angel investor

The term angel investor means, with respect to a qualified immigrant, an individual who—

(aa)

is an accredited investor (as defined in section 230.501(a) of title 17, Code of Federal Regulations (as in effect on April 1, 2010));

(bb)

is a United States citizen or an alien lawfully admitted to the United States for permanent residence; and

(cc)

has made at least 2 equity investments of not less than $50,000 in each of the 3 years before the date of a petition by the qualified immigrant for classification under this paragraph.

(II)

Economically distressed urban area

The term economically distressed urban area means, at the time a petition for classification under this paragraph is filed the following:

(aa)

A city that has an average unemployment rate of not less than 150 percent of the national average rate for the preceding year.

(bb)

Any principal city for a Metropolitan Statistical Area, as defined by the Office of Management and Budget.

(III)

Qualified venture capital operating company

The term qualified venture capital operating company means an entity that—

(aa)

is registered under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.); or

(bb)

is an investment company, as defined in subsection (a)(1) of section 3 of such Act (15 U.S.C. 80a–3), that is exempt from registration under subsection (c)(1) or (c)(7) of such section, and is not registered.

(IV)

Relative

The term relative means, with respect to a qualified immigrant—

(aa)

a spouse;

(bb)

a sibling;

(cc)

a child;

(dd)

a parent;

(ee)

an aunt or uncle;

(ff)

a first cousin; or

(gg)

a grandparent.

.

3.

Expedited processing for certain EB–5 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)(E), the petitioner shall be guaranteed of a decision on the petition in 60 days or less..

4.

Government accountability office study

(a)

In general

Not later than 2 years after the date of the enactment of this Act, the Comptroller General of the United States shall submit a report to Congress on the EB–5 Visa Program authorized under section 203(b)(5) of the Immigration and Nationality Act (8 U.S.C. 1153(b)(5)).

(b)

Contents

The report described in subsection (a) shall include information regarding—

(1)

the number of immigrant entrepreneurs who have received a visa under such visa program, listed by country of origin;

(2)

the localities in which such immigrant entrepreneurs have initially settled;

(3)

whether such immigrant entrepreneurs generally remain in the localities in which they initially settle;

(4)

the types of commercial enterprises that such immigrant entrepreneurs have established; and

(5)

the types and number of jobs created by such immigrant entrepreneurs.