BILL NUMBER: SCR 33	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Price

                        APRIL 4, 2011

   Relative to foreign investment.


	LEGISLATIVE COUNSEL'S DIGEST


   SCR 33, as introduced, Price. Foreign investment.
   This measure would state that the Legislature finds and declares
that it is in California's economic interest to promote opportunities
for EB-5 visa investment in the state.
   Fiscal committee: no.



   WHEREAS, The economic downturn has led to higher unemployment in
California, and has limited access to credit and investment for
California businesses; and
   WHEREAS, Greater foreign investment in California would create
jobs and improve the state's economy; and
   WHEREAS, Many foreign investors see California as a desirable
place to invest and reside; and
   WHEREAS, Congress created the EB-5 visa category in 1990 to
attract foreign investment, making EB-5 status available to
immigrants seeking to enter the United States in order to invest in a
business or company that will benefit the economy; and
   WHEREAS, The federal government's quota of 10,000 EB-5 visas per
year has rarely been met, indicating that the EB-5 visa may be an
underutilized resource for foreign investment; and
   WHEREAS, To be eligible for an EB-5 visa, an applicant must invest
one million dollars ($1,000,000) in a project that will benefit the
United State's economy and create full-time employment for at least
10 qualified individuals; and
   WHEREAS, If the investment in a new commercial enterprise is made
in a rural area or one with high unemployment, that investment can be
five hundred thousand dollars ($500,000); and
   WHEREAS, Use of the EB-5 visa has increased during the economic
downturn, and other states have implemented successful programs to
attract foreign investment; and
   WHEREAS, A Vermont ski resort was able to expand from seasonal
winter recreation to being a year-round resort after raising nearly
two hundred million dollars ($200,000,000) from South African,
Swedish, Canadian, Mexican, and British investors; now, therefore, be
it
   Resolved by the Senate of the State of California, the Assembly
thereof concurring, That the Legislature finds and declares that it
is in California's economic interest to promote opportunities for
EB-5 visa investment in the state; and be it further
   Resolved, That the Secretary of the Senate transmit copies of this
resolution to the author for appropriate distribution.