[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2751 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 2751

To facilitate foreign investment by permanently reauthorizing the EB-5 
            regional center program, and for other purposes.


_______________________________________________________________________


                   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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``State Foreign Investment Improvement 
Act''.

SEC. 2. PERMANENT REAUTHORIZATION OF EB-5 REGIONAL CENTER PROGRAM; 
              APPLICATION FEE.

    (a) 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--
            (1) by striking ``pilot'' each place it appears;
            (2) in subsection (b), by striking ``for 15 years''; and
            (3) by adding at the end the following:
    ``(e) 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)).''.
    (b) 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:
    ``(w) Immigrant Entrepreneur Regional Center Account.--
            ``(1) 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).
            ``(2) 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.''.
    (c) 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.
    (d) 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).

SEC. 3. PREMIUM PROCESSING FEE FOR EB-5 IMMIGRANT INVESTORS.

    (a) 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''.
    (b) 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).

SEC. 4. 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:
    ``(n) 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.''.
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