BILL NUMBER: AB 1067 INTRODUCED
BILL TEXT
INTRODUCED BY Assembly Member Medina
FEBRUARY 22, 2013
An act to add Chapter 4.2 (commencing with Section 6315) to
Division 7 of Title 1 of the Government Code, relating to economic
development.
LEGISLATIVE COUNSEL'S DIGEST
AB 1067, as introduced, Medina. Economic development: foreign
trade.
The Governor's Office of Business and Economic Development serves
as the Governor's lead entity for economic strategy and the marketing
of California on issues relating to business development, private
sector investment, and economic growth. The office, among others,
makes recommendations to the Governor and the Legislature regarding
policies, programs, and actions to advance statewide economic goals.
This bill would establish the California Foreign Investment
Program. The bill would require the Governor's Office of Business and
Economic Development to serve as the lead state entity under
specified provisions of the federal Immigration and Nationality Act.
The bill would authorize the office take all necessary action to
assist individuals seeking to invest in this state through the EB-5
Program including, but not limited to, providing a support letter for
regional center applications to the United States Citizenship and
Immigration Service. The bill would require the Director of the
office to, among other things, establish reporting and monitoring
requirements, as specified. The bill would authorize specified public
or private corporation to establish, operate, and maintain a
regional center, as specified.
Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. Chapter 4.2 (commencing with Section 6315) is added to
Division 7 of Title 1 of the Government Code, to read:
CHAPTER 4.2. CALIFORNIA FOREIGN INVESTMENT PROGRAM
6315. (a) This chapter shall be known and may be cited as the
California Foreign Investment Program.
(b) For purposes of this chapter:
(1) "Director" means the Director of the Governor's Office of
Business and Economic Development.
(2) "Office" means the Governor's Office of Business and Economic
Development.
(3) "Public corporation" means the state, any political
subdivision thereof, any incorporated municipality therein, any
public agency of the state, of any political subdivision thereof, or
of any municipality therein, or any corporate municipal
instrumentality of this state or of this state and one or more other
states.
(4) "EB-5 Program" and the "Foreign Investment Program" means
Section 203(b)(5) of the Immigration and Nationality Act (8 U.S.C.
Sec. 1153(b)(5)).
6315.1. (a) The office shall serve as the lead state entity for
overseeing the state's participation with the United States
Citizenship and Immigration Service's EB-5 Program. The director
shall set the terms and conditions for issuing a state designation
letter within the structure and scope of the EB-5 Program.
(b) (1) An applicant for federal designation as a regional center
shall register with the office and provide the office with
appropriate contact information and other information determined by
the office as relevant to the operation of the EB-5 Program in this
state.
(2) A regional center operating within this state shall annually
provide information to the office on the number of clients served,
location of investments, and number of direct and indirect jobs
created.
(c) (1) An applicant for a visa from the United States Citizenship
and Immigration Service under the EB-5 Program may register with the
office.
(2) The office may provide assistance to an applicant, registered
with the office pursuant to this subdivision, with the applicant's
EB-5 visa application.
(3) The office may charge a fee for these services.
(d) (1) The office may provide a support letter for regional
center applications to the United States Citizenship and Immigration
Service.
(2) The director shall, consistent with federal and state
requirements, at a minimum establish reporting and monitoring
requirements that identify the number of businesses assisted, the
size of those businesses by number of employees and gross revenues,
and the number of jobs created and retained.
(3) The director shall post on the office's Internet Web site a
list with contact information for each regional center applicant that
receives a designation letter from the director.
6315.2. (a) Any public or private corporation authorized by this
chapter to apply to establish, operate, and maintain a regional
center whose application is granted pursuant to the terms of the
Immigration and Nationality Act may establish, operate, and maintain
the regional center subject to the conditions and restrictions of the
EB-5 Program, and any amendments thereto, and any conditions and
restrictions established by the director pursuant to this chapter.
(b) If authorized to establish, operate, and maintain a regional
center, a public corporation may, in addition to its other powers, do
either of the following:
(1) Provide for indemnity or assurance to the federal government
or its agencies as they may request.
(2) Deposit moneys with the federal government, as the federal
government or its agencies may request, provided those moneys are
available by direct appropriation or otherwise.
6315.3. The office may take all necessary action to assist
individuals seeking to invest in this state through the EB-5 Program,
including, but not limited to, collaborating with the United States
Department of Justice in assisting applicants in obtaining the
necessary security background checks for the program.
6315.4. This chapter shall apply only to EB-5 activities of the
state relating to the EB-5 Program occurring on or after January 1,
2014.