AB 1067, as amended, 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 for overseeing the state’s participation with the United States Citizenship and Immigration Services’ EB-5 Investment Program. The bill would require the director of the office to set the terms and conditions for issuing a state designation letter for targeted
employment areas within the structure and scope of the EB-5 Investment Program and to post on the office’s Internet Web site a list with the contact information for each regional center, as specified.begin delete The bill would require the office, if it issues a state designation letter, to transmit a copy of the letter to every Member of the Legislature whose district is located in the targeted employment area.end delete The bill would require a regional centerbegin delete operatingend deletebegin insert with one or more officesend insert in the state to provide the office with, among other things, information on the number of clients served, the location of investments, and the number of direct and indirect jobs created.begin delete The bill would authorize the office to provide a support letter for regional center applications to the
United States Citizenship and Immigration Services.end delete The bill would authorizebegin delete aend deletebegin insert specifiedend insert publicbegin delete corporation, as defined, that is authorizedend deletebegin insert and private corporationsend insert to establish, operate, and maintain a regional centerbegin delete to provide for indemnity or assurance to the federal government, as specified, and to deposit moneys with the federal government, as specified.end deletebegin insert end insertbegin insertsubject
to specified conditions and restrictions.end insert The bill would apply only to EB-5 activities of the state relating to the EB-5 Investment Program occurring on or after January 1, 2014.
Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
Chapter 4.2 (commencing with Section 6315) is
2added to Division 7 of Title 1 of the Government Code, to read:
3
(a) This chapter shall be known and may be cited as the
7California Foreign Investment Program.
8(b) For purposes of this chapter:
9(1) “Director” means the Director of the Governor’s Office of
10Business and Economic Development.
11(2) “Office” means the Governor’s Office of Business and
12Economic Development.
P3 1(3) “Public corporation” means the state, any political
2subdivision thereof, any incorporated municipality therein, any
3public agency of the state,
of any political subdivision thereof, or
4of any municipality therein, or any corporate municipal
5instrumentality of this state or of this state and one or more other
6states.
7(4) “EB-5 Investment Program” and the “Foreign Investment
8Program” means Section 203(b)(5) of the Immigration and
9Nationality Act (8 U.S.C. Sec. 1153(b)(5)).
(a) The office shall serve as the lead state entity for
11overseeing the state’s participation with the United States
12Citizenship and Immigration Services’ EB-5 Investment Program.
13(b) The director shall set the terms and conditions for issuing a
14state designation letter for targeted employment areas within the
15structure and scope of the EB-5 Investment Program.
16(c) If the office issues a state designation letter, the office shall
17transmit a copy of the state designation letter to every Member of
18the Legislature whose district is located in the targeted employment
19area.
20(d)
end delete
21begin insert(c)end insert (1) A regional centerbegin delete operatingend deletebegin insert with one or more officesend insert in
22the state shall provide the office with contact information for the
23center and the geographic regionbegin insert, if applicable,end insert and industry sector
24or subsectors recognized by the United States Citizenship and
25Immigration Services (USCIS) for that center.
26(2) A regional centerbegin delete operatingend deletebegin insert
with one or more officesend insert within
27this state shall annually provide information to the office on the
28number of clients served, location of investments, and number of
29direct and indirect jobs created. The regional center may satisfy
30this requirement by submitting a copy of Form I-924A of the
31USCIS to the office.
32(e) The office may provide a support letter for regional center
33applications to the USCIS.
34(f)
end delete
35begin insert(d)end insertbegin insert end insertbegin insert(1)end insert The director shall post on the office’s Internet Web site
36a list with contact information for each regional center where
37information is readily available to the office. The list shall be
38updated when new information is made available on at least an
39annual basis.begin insert The director may also include other relevant
40information obtained by the office pursuant to subdivision (c).end insert
P4 1(2) The office shall annually report on the number of state
2designation letters issued pursuant to subdivision (b) and on the
3information provided to the office pursuant to subdivision (c) in
4either the office’s annual report under Section 13996.65 or in a
5separate report to the Legislature submitted pursuant to Section
69795. The information on
regional centers and designation letters
7shall, to the extent practicable, be provided in the aggregate, by
8county, and by legislative district.
begin delete(a)end deletebegin delete end deleteAny public or private corporation authorized to
10establish, operate, and maintain a regional center whose application
11is granted pursuant to the terms of the Immigration and Nationality
12Act may establish, operate, and maintain the regional center subject
13to the conditions and restrictions of the EB-5 Investment Program,
14and any amendments thereto, and any conditions and restrictions
15established by the director pursuant to this chapter.
16(b) If authorized to establish, operate, and maintain a regional
17center, a public corporation may, in addition to its other powers,
18do either of the following:
19(1) Provide for indemnity or assurance to the federal government
20or its agencies as they may request.
21(2) Deposit moneys with the federal government, as the federal
22government or its agencies may request, provided those moneys
23are available by direct appropriation or otherwise.
This chapter shall apply only to EB-5 activities of the
25state relating to the EB-5 Investment Program occurring on or after
26January 1, 2014.
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