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H.R. 616 (114th): American Entrepreneurship and Investment Act of 2015

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jan 28, 2015.

American Entrepreneurship and Investment Act of 2015

Amends the Immigration and Nationality Act to make the EB-5 immigrant investor program permanent.

Increases the targeted employment area set-aside.

Directs the Secretary of Homeland Security to defer to state targeted employment area designations.

Directs the Secretary to: (1) establish a preapproval procedure for commercial enterprises that allows a regional center to apply for preapproval of a new commercial enterprise before an alien files a petition for classification by reason of investment in such enterprise; and (2) defer to certain prior favorable EB-5 determinations except in the case of fraud, material change, or legal deficiency.

Prohibits a person who has been found liable for specified criminal or civil activities from serving as an owner, director, or officer of a regional center.

Requires EB-5 petitions to be adjudicated within 180 days unless additional information is required.

Provides that the child of an alien investor whose conditional permanent resident status is terminated shall continue to be considered a child of the alien investor for purposes of a subsequent immigrant petition by the alien investor if the child remains unmarried and the alien investor's subsequent petition is filed within one year after termination of status.

Provides for a consolidated petition by an alien investor and his or her spouse and children.

Exempts spouses and children of EB-5 immigrants from EB-5 admissions limits.

Authorizes concurrent filing of EB-5 petitions and applications for status adjustment to conditional lawful permanent resident.

Eliminates the per-country limit for employment-based immigrants and increases the per-country limit for family-based immigrants.

Amends the Chinese Student Protection Act of 1992 to eliminate the requirement that the annual Chinese immigrant visas be reduced by a specified amount to offset status adjustments under that Act.

Subjects EB-5 petitions to the Foreign Corrupt Practices Act.