the petitioner desires a guarantee of a decision on the peti-
tion in 60 days or less, the premium fee under this sub-
section shall be set at $2,500 and shall be deposited as 
offsetting receipts in the Immigrant Entrepreneur Re-
gional Center Account established under subsection (w).’’. 
SEC. 4. CONCURRENT FILING OF EB–5 PETITIONS AND AP-
PLICATIONS 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 fol-
lowing: 
‘‘(n) If, at the time a petition is filed for classification 
through a regional center under section 203(b)(5), ap-
proval of the petition would make a visa immediately avail-
able to the alien beneficiary, the alien beneficiary’s adjust-
ment application under this section shall be considered to 
be properly filed whether the application is submitted con-
currently with, or subsequent to, the visa petition.’’. 
SEC. 5. IMPROVED SET-ASIDE FOR TARGETED EMPLOY-
MENT AREAS. 
Section 203(b)(5)(B) of the Immigration and Nation-
ality Act (8 U.S.C. 1153(b)(5)(B)) is amended as follows: 
(1) TARGETED EMPLOYMENT AREA DEFINED.— 
Clause (ii) is amended to read as follows: 
‘‘(ii) TARGETED EMPLOYMENT AREA 
DEFINED.—In this paragraph, the term 
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‘targeted employment area’ means, at the 
time a petition for classification under this 
paragraph is filed, any of the following: 
‘‘(I) A rural area. 
‘‘(II) An area that has experi-
enced high unemployment (of at least 
150 percent of the national average 
rate). 
‘‘(III) A county that has had a 
20 percent or more decrease in popu-
lation since 1970. 
‘‘(IV) An area that is within the 
boundaries established for purposes of 
a State or Federal economic develop-
ment incentive program, including 
areas defined as Enterprise Zones, 
Renewal Communities and Empower-
ment Zones. 
‘‘(V) An area designated by a 
State agency to which the Governor 
has delegated the authority to des-
ignate targeted employment areas 
within the State.’’. 
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(2) RURAL
AREA
DEFINED.—Clause (iii) is 
amended by striking ‘‘other than an area within a 
metropolitan statistical area or’’. 
(3) EFFECT OF PRIOR DETERMINATION.—Such 
section is amended by adding at the end the fol-
lowing: 
‘‘(iv) EFFECT OF PRIOR DETERMINA-
TION.—In a case in which a geographic 
area is determined under clause (ii) to be 
a targeted employment area, such deter-
mination shall remain in effect during the 
2-year period beginning on the date of the 
determination for purposes of any alien 
seeking a visa reserved under this subpara-
graph.’’. 
SEC. 6. SET-ASIDE OF VISAS FOR REGIONAL CENTER PRO-
GRAM. 
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 amend-
ed by striking ‘‘3,000’’ and inserting ‘‘10,000’’. 
SEC. 7. EXTENSION. 
Subparagraph (A) of section 216A(d)(2) of the Immi-
gration and Nationality Act (8 U.S.C. 1186b(d)(2)(A)) is 
amended by adding the following at the end thereof: ‘‘A 
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date specified by the applicant (but not later than the 
fourth anniversary) shall be substituted for the second an-
niversary in applying the preceding sentence if the appli-
cant demonstrates that he has attempted to follow his 
business model in good faith, provides an explanation for 
the delay in filing the petition that is based on cir-
cumstances outside of his control, and demonstrates that 
such circumstances will be able to be resolved within the 
specified period.’’. 
SEC. 8. STUDY. 
(a) IN GENERAL.—The Secretary of the Department 
of Homeland Security, in appropriate consultation with 
the Secretary of Commerce and other interested parties, 
shall conduct a study concerning the following: 
(1) Current job creation counting methodology 
and initial projections under section 203(b)(5) of the 
Immigration 
and 
Nationality 
Act 
(8 
U.S.C. 
1153(b)(5)). 
(2) How best to promote the employment cre-
ation program described in such section overseas to 
potential immigrant investors. 
(b) REPORT.—The Secretary of Homeland Security 
shall submit a report to the Congress not later than 1 
year after the date of the enactment of this Act containing 
the results of the study conducted under subsection (a). 
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SEC. 9. FULL-TIME EQUIVALENTS. 
(a) IN GENERAL.—Section 203(b)(5)(A)(ii) of the 
Immigration 
and 
Nationality 
Act 
(8 
U.S.C. 
1153(b)(5)(A)(ii)) is amended by inserting ‘‘(or full-time 
equivalent)’’ after ‘‘full-time’’. 
(b) DEFINITION.—Section 203(b)(5)(D) of such Act 
(8 U.S.C. 1153(b)(5)(D)) is amended to read as follows: 
‘‘(D) 
EMPLOYMENT-RELATED
DEFINI-
TIONS.— 
‘‘(i) FULL-TIME
EMPLOYMENT
DE-
FINED.—In this paragraph, the term ‘full- 
time employment’ means employment in a 
position that requires at least 35 hours of 
service per week at any time, regardless of 
who fills the position. 
‘‘(ii) FULL-TIME
EQUIVALENT
EM-
PLOYMENT DEFINED.—In this paragraph, 
the term ‘full-time equivalent employment’ 
means employment representing the num-
ber of full-time employees that could have 
been employed if the reported number of 
hours worked by part-time employees had 
been worked by full-time employees. This 
shall be calculated by dividing the part- 
time hours paid by the standard number of 
hours for full-time employees.’’. 
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SEC. 10. ELIGIBILITY FOR ADJUSTMENT OF STATUS. 
Section 245(k) of the Immigration and Nationality 
Act (8 U.S.C. 1255(k)) is amended, in the matter pre-
ceding paragraph (1), by striking ‘‘(1), (2), or (3)’’ and 
inserting ‘‘(1), (2), (3), or (5)’’. 
SEC. 11. EXPANSION OF EB–5 ELIGIBILITY TO INCLUDE 
QUALIFIED IMMIGRANTS WHO COMPLETE IN-
VESTMENT AGREEMENTS. 
(a) CHANGES TO INVESTMENT CRITERIA.—Section 
203(b)(5)(A) of the Immigration and Nationality Act (8 
U.S.C. 1153(b)(5)(A)) is amended— 
(1) in the matter preceding clause (i), by strik-
ing ‘‘partnership)—’’ and inserting ‘‘partnership) as 
follows:’’ 
(2) in clause (i)— 
(A) by striking ‘‘(i) in which’’ and insert-
ing the following: 
‘‘(i) A new commercial enterprise— 
‘‘(I) in which’’; 
(B) by striking ‘‘, and’’ at the end and in-
serting a semicolon; and 
(C) by adding at the end the following: 
‘‘(II) with respect to which such 
alien has completed an investment 
agreement with a qualified venture 
capital operating company for an in-
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permanent residence or other immi-
grants lawfully authorized to be em-
ployed in the United States (other 
than the immigrant and the immi-
grant’s spouse, sons, or daughters).’’. 
(b) CHANGES TO CAPITAL REQUIREMENTS.—Section 
203(b)(5)(C)(i) of such Act (8 U.S.C. 1153(b)(5)(C)(i)) 
is amended by inserting after ‘‘$1,000,000’’ the following: 
‘‘in the case of an enterprise described in subparagraph 
(A)(i)(I), $250,000 in the case of an enterprise described 
in subparagraph (A)(i)(II), and $100,000 in the case of 
an enterprise described in subparagraph (A)(i)(III)’’. 
(c) DEFINITIONS.—Section 203(b)(5) of such Act (8 
U.S.C. 1153(b)(5)) is amended by adding at the end the 
following: 
‘‘(E) QUALIFIED VENTURE CAPITAL OPER-
ATING COMPANY DEFINED.—In this paragraph, 
the term ‘qualified venture capital operating 
company’ means an entity that— 
‘‘(i) is registered under the Invest-
ment Company Act of 1940 (15 U.S.C. 
80a–1 et seq.); or 
‘‘(ii) is an investment company, as de-
fined in subsection (a)(1) of section 3 of 
such Act (15 U.S.C. 80a–3), that is ex-
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empt from registration under subsection 
(c)(1) or (c)(7) of such section, is not reg-
istered, and— 
‘‘(I) is organized or incorporated, 
and domiciled, in the United States, 
and the majority ownership of which 
is composed of United States citizens 
or aliens lawfully admitted to the 
United States for permanent resi-
dence; or 
‘‘(II) is owned or controlled by an 
entity that is organized or incor-
porated, and domiciled, in the United 
States, and the majority ownership of 
that entity is composed of United 
States citizens or aliens lawfully ad-
mitted to the United States for per-
manent residence. 
‘‘(F) ANGEL INVESTOR DEFINED.—In this 
paragraph, the term ‘angel investor’ means— 
‘‘(i) any individual who is a United 
States citizen or an alien lawfully admitted 
to the United States for permanent resi-
dence, or any entity wholly owned and con-
trolled by United States citizens or aliens 
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lawfully admitted to the United States for 
permanent residence; or 
‘‘(ii) any entity that has made at least 
5 angel investments totaling at least 
$250,000 during the 3 years preceding the 
completion of an investment agreement de-
scribed in subparagraph (A)(i)(III). 
‘‘(G) ANGEL INVESTMENT.—In this para-
graph, the term ‘angel investment’ means an in-
vestment made in a commercial enterprise that, 
prior to such investment, was not owned or con-
trolled by— 
‘‘(i) the investor; 
‘‘(ii) any member of the immediate 
family of the investor; or 
‘‘(iii) any entity owned or controlled 
by any member of the immediate family of 
the investor.’’. 
(d) CONFORMING AMENDMENTS
TO CONDITIONAL 
PERMANENT STATUS PROVISIONS.— 
(1) TERMINATION OF STATUS IF FINDING THAT 
QUALIFYING ENTREPRENEURSHIP IMPROPER.—Sec-
tion 
216A(b)(1)(B) 
of 
such 
Act 
(8 
U.S.C. 
1186b(b)(1)(B)) is amended to read as follows: 
‘‘(B)(i) the alien— 
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‘‘(I) did not invest, or was not actively 
in the process of investing, the requisite 
capital 
described 
in 
section 
203(b)(5)(A)(i)(I), or was not sustaining 
such actions throughout the period of the 
alien’s residence in the United States; or 
‘‘(II) did not complete an investment 
agreement described in subclause (II) or 
(III) of section 203(b)(5)(A)(i), or such 
agreement was not carried out or was not 
actively in the process of being carried out; 
or 
‘‘(ii) the commercial enterprise did not— 
‘‘(I) create the minimum number of 
jobs required to be created under section 
203(b)(5)(A)(ii); or 
‘‘(II) generate a profit and at least 
$1,000,000 in revenue; or’’. 
(2) 
CONTENTS
OF
PETITION.—Section 
216A(d)(1) of such Act (8 U.S.C. 1186b(d)(1)) is 
amended— 
(A) in the matter preceding subparagraph 
(A), by striking ‘‘that the alien—’’ and insert-
ing ‘‘that—’’; 
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(B) by amending subparagraph (A) to read 
as follows: 
‘‘(A)(i) the alien— 
‘‘(I) invested, or was actively in the 
process of investing, the requisite capital 
described in section 203(b)(5)(A)(i)(I), and 
sustained such actions throughout the pe-
riod of the alien’s residence in the United 
States; or 
‘‘(II) completed an investment agree-
ment described in subclause (II) or (III) of 
section 203(b)(5)(A)(i), and such agree-
ment was carried out or was actively in the 
process of being carried out; and 
‘‘(ii) the commercial enterprise— 
‘‘(I) created the minimum number of 
jobs required to be created under section 
203(b)(5)(A)(ii); or 
‘‘(II) generated a profit and at least 
$1,000,000 in revenue; and’’; and 
(C) in subparagraph (B), by inserting ‘‘the 
alien’’ before ‘‘is otherwise’’. 
Æ 
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