EB5 Investors Magazine Volume 2 Issue 2 | Page 54

Continued from page 51 H.R. 4178 The American Entrepreneurship and Investment Act of 2014 Introduced in the House of Representatives by Congressman Jared Polis (D-CO) with original cosponsors Reps. Matt Salmon (R-AZ), Joe Garcia (D-FL), and Mark Amodei (R-NV) On March 6, 2014 “The EB-5 program provides significant injections of capital and talent to our economy and, with the improvements we make in this bill, will ensure that the best and brightest minds from around the world continue to come here with their ideas and business.” Proposes: • Making the EB-5 regional center program permanent • Adjusting the minimum investment amount based on the consumer price index • Codifying state authority to designate TEAs • Setting aside 5,000 visas for investors who invest in TEAs • Designating TEAs for two-year periods • Reforming job creation guidelines to allow for intermittent/seasonal/construction jobs to count as fulltime employment • Allowing the preapproval of new commercial enterprises --Congressman Jared Polis This bill, introduced by Congressman Jared Polis, proposes key reforms to streamline the EB-5 program for regional center participants and investors. Unique among current legislation, The American Entrepreneurship and Investment Act of 2014 focuses heavily on expediting processing times. According to a May 6, 2014 press release from the Congressman’s office, the bill is intended to allow “a reliable stream of foreign investments into the U.S. economy, creating jobs and allowing businesses to grow. The bill also seeks to improve the program by addressing problems including delays in processing times and inconsistent evaluations by agency adjudicators.” Rep. Matt Salmon Rep. Mark Amodei • Deference for all prior-approved documents • Codifying a processing time of no more than 180 days for EB-5 applications • Barring from participation in regional center operations any individuals that have been convicted of certain crimes, including fraud • Allowing up to four years for job creation, provided the investor has met all other requirements • Creating a premium processing option • Excluding spouse and children from numerical visa limits • Eliminating the per-country cap for visas Congres sman Ja Rep. Joe Garcia 52 E B 5 I n v e s to r s M ag a z i n e red Poli s