American Entrepreneurship and Investment Act of 2014

Bill: 113-hr-4178
Sponsor: Rep. Polis, Jared [D-CO-2]
Introduced: 2014-03-06 in the House
Policy area: Immigration
Subjects: Administrative law and regulatory procedures
Administrative remedies
Asia
Business investment and capital
China
Department of Commerce
Department of Homeland Security
Drug trafficking and controlled substances
Economic development
Employee hiring
Family relationships
Financial services and investments
Foreign labor
Fraud offenses and financial crimes
Government employee pay, benefits, personnel management
Health personnel
Human rights
Human trafficking
Immigration status and procedures
Legal fees and court costs
Military facilities and property
Rural conditions and development
Securities
Small business
Terrorism
U.S. and foreign investments
Unemployment
Urban and suburban affairs and development
Veterans' medical care
Visas and passports

Summary:
action_date: 2014-03-06
text: 
American Entrepreneurship and Investment Act of 2014 - Amends the Immigration and Nationality Act to make the EB-5 immigrant investor program permanent.
 
Increases the targeted employment area set-aside.
 
Includes in the definition of targeted employment area (TEA): (1) a military installation closed pursuant to a base closure law; (2) a county with a 20% or greater population decline since 1970; and (3) an area within a federal, state, county, or city economic development incentive program.
 
Directs the Secretary of Homeland Security (DHS) to defer to state TEA designations.
 
Provides for five-year Consumer Price Index-based adjustments to the required EB-5 investment amount beginning on January 1, 2016.
 
Permits job creation requirements to include employment measured in full-time equivalents, such as intermittent or seasonal employment opportunities and construction jobs.
 
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. 
 
Revises the criteria under which a immigrant investor or entrepreneur shall have his or her conditional permanent resident status terminated.
 
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: (1) a consolidated petition by an alien investor and his or her spouse and children, and (2) premium petition processing for a $5,000 fee.
 
Prescribes criteria for national interest waivers for: (1) physicians working in shortage areas or veterans facilities, and (2) entrepreneurs and job creators who have engaged in a new commercial enterprise in the United States that has benefitted the U.S. economy and who have satisfied certain employment creation requirements.
 
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.


Legislative actions:
action_date: 2014-04-16
text: Referred to the Subcommittee on Immigration and Border Security.
action_date: 2014-03-06
text: Referred to the House Committee on the Judiciary.
action_date: 2014-03-06
text: Introduced in House
action_date: 2014-03-06
text: Introduced in House