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.

1.

Short title

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

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).

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).

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. .