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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4890 Introduced in House (IH)]

110th CONGRESS
  1st Session
                                H. R. 4890

              To modify the EB-5 regional center program.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                           December 19, 2007

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

_______________________________________________________________________

                                 A BILL

 
              To modify the EB-5 regional center program.

    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 ``The Invest in USA Act of 2007''.

SEC. 2. PERMANENT EB-5 REGIONAL CENTER PROGRAM.

    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) is amended by striking ``for 15 years''.

SEC. 3. PREMIUM PROCESSING FEE FOR EB-5 IMMIGRANT INVESTOR CASES.

    (a) In General.--Section 286(u) of the Immigration and Nationality 
Act (8 U.S.C. 1356) is amended by adding ``except that the fee for 
petitions filed under section 203(b)(5) shall be $2,000. The fee'' 
after ``$1,000,''.
    (b) Use of Fees.--Fees collected pursuant to the amendment made by 
subsection (a) shall be available to the Secretary of Homeland Security 
solely for the purpose of administration and operation of the EB-5 
immigrant investor program.
    (c) Regulations.--The Department of Homeland Security shall 
promulgate regulations to implement this amendment not later than 120 
days after the date of the enactment of this Act.

SEC. 4. ALLOW CONCURRENT FILING FOR EB-5 PETITIONS AND ADJUSTMENT OF 
              STATUS APPLICATIONS.

    Section 245 of the Immigration and Nationality Act (8 U.S.C. 1255) 
is amended by adding at the end the following:
    ``(n) Concurrent Processing for Employment Creation Immigrants.--
If, at the time an alien files a petition 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 application for adjustment of status shall be considered 
properly filed whether submitted concurrently with, or subsequent to, 
such petition.''.

SEC. 5. REGIONAL CENTER DESIGNATION FEES.

    (a) Establishment of Fee.--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 adding at 
the end the following:
    ``(e) In addition to any other fees authorized by law, the 
Secretary of Homeland Security shall impose a $2,500 fee 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 subsections (b) and (e) of section 610 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 shall 
        be available to the Secretary of Homeland Security solely for 
        the purpose of administration and operation of the EB-5 
        immigrant investor program.''.
    (c) Effective Date.--The amendment made by this section--
            (1) shall take effect on the date on which regulations are 
        published to carry out this section and the amendments made by 
        this section; and
            (2) shall apply to regional center applications filed on or 
        after such date.
                                 <all>
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