BILL ANALYSIS                                                                                                                                                                                                    Ó







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        |Hearing Date:June 17, 2013         |Bill No:AB                         |
        |                                   |1067                               |
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                      SENATE COMMITTEE ON BUSINESS, PROFESSIONS 
                               AND ECONOMIC DEVELOPMENT
                              Senator Ted W. Lieu, Chair
                                           

                         Bill No:        AB 1067Author:Medina
                     As Amended:April 18, 2013          Fiscal:Yes

        
        SUBJECT:   Economic development:  foreign trade. 
        
        SUMMARY:  Establishes the California Foreign Investment Program within  
        the Governor's Office of Business and Economic Development (GO-Biz) as  
        the lead entity for overseeing the state's participation in the  
        federal the EB-5 visa program.

        Existing law:
        
        1)Establishes the enterprise zone program, administered by California  
          Department of Housing and Community Development (HCD) to stimulate  
          business and industrial growth and create jobs in depressed areas of  
          the state. (Government Code (GC) § 7071 and § 7072)

        2)Defines a "targeted employment area" (TEA) for the purposes of an  
          enterprise zone, to mean an area within a city, county, or city and  
          county that is composed solely of those census tracts designated by  
          the U.S. Department of Housing and Urban Development as having at  
          least 51% of its residents of low- or moderate-income levels, using  
          either the most recent U.S. Department of Census data available at  
          the time of the original enterprise zone application or the most  
          recent census data available at the time the targeted employment  
          area is designated to determine that eligibility.  Specifies that  
          the purpose of a TEA is to encourage businesses in an enterprise  
          zone to hire eligible local residents.  A TEA may include, but is  
          not required to include, all or part of the boundaries of the  
          enterprise zone.  The TEA does not need to encompass all eligible  
          areas, but may include only those areas that the local government  
          determines have residents who are in the most need of this  
          employment targeting.  





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        (GC § 7072 (i))

        3)Establishes GO-Biz within the Governor's Office for the purpose of  
          serving as the lead state entity for economic strategy and marketing  
          of California on issues relating to business development, private  
          sector investment and economic growth.  GO-Biz also serves as the  
          administrative oversight for the California Business Investment  
          Service and the Office of the Small Business Advocate.  (GC §§ 12096  
          - 12098.5)

        4)Specifies that GO-Biz is the primary state agency authorized to  
          attract foreign investments, cooperate in international public  
          infrastructure projects, and support California businesses in  
          accessing markets, and requires the Director of GO-Biz to develop an  
          international trade and investment program (Program) attracting  
          employment-producing direct foreign investment to the state and  
          provides support for California businesses in accessing  
          international markets and increasing exports.  (GC § 13996.41) 

        5)Authorizes GO-Biz to establish international trade and investment  
          (ITI) offices outside of the U.S. according to certain requirements.  
           (GC § 13996.42)

        6)Requires GO-Biz to prepare an international trade and investment  
          strategy and provide a report to the Legislature on or before  
          February 1, 2014, updated once every five years that includes:  (GC  
          § 13996.55)

           a)   Policy goals, objectives and recommendations necessary to  
             implement a comprehensive international trade and investment  
             program.

           b)   Measurable outcomes and timelines for the goals, objectives  
             and actions for the program.

           c)   Impediments to achieving goals and objectives.

           d)   Key stakeholder partnerships that will be used to implement  
             the strategy.

           e)   Options for funding.

           f)   An organizational structure for state administration of  
             international trade and investment policies, programs and  
             services.  






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        1)Requires the Director of GO-Biz to prepare the following:  (GC §  
          13996.65)

           a)   A budget for the Program and a separately stated budget for  
             each ITI office, with specified information.

           b)   A strategy and business plan for the Program, with specified  
             information, that is developed with input from California  
             businesses that shall include, but not be limited to, measurable  
             goals, objectives, and outcomes and timelines necessary to  
             attract employment-producing direct foreign investment to the  
             state and increase California exports.  

           c)   A written review of the implementation of the prior year's  
             strategy and business plan for the Program that addresses the  
             performance of the program and each ITI Office.  

        1)Provides that the Controller shall not allocate any state funds to  
          GO-Biz for international trade and investment activities unless the  
          strategy for international trade and investment has been submitted  
          to the Legislature by May 1, 2014.  (GC § 13996.75)

        2)Establishes processes and accountability measures for GO-Biz to  
          accept private monies to fund, establish and operate international  
          trade offices.  (GC § 13997)

        3)Establishes the EB-5 visa category Section 203(b)(5) of the  
          Immigration and Nationality Act 
        (8 U.S.C. Sec. 1153(b)(5)).

        


        This bill:

        1)Specifies that GO-Biz shall serve as the lead state entity for  
          overseeing the state's participation with the U.S. Citizenship and  
          Immigration Services' EB-5 Investment Program (EB-5 Program). 

        2)Provides that, among other duties, GO-Biz shall set the terms and  
          conditions for issuing a state designation letter for TEAs. 

        3)Requires a regional center operating within the state to provide  
          GO-Biz with contact information for the center and the geographic  
          region and industry sector or subsectors recognized by U.S.  
          Citizenship and Immigration Service (USCIS) for that center.   





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          Requires each regional center to annually provide information to  
          GO-Biz on the number of clients served, location of investments, and  
          the number of direct and indirect jobs created which may be  
          satisfied by providing GO-Biz with a copy of the USCIS Form I-9224A.

        4)Authorizes GO-Biz to provide a support letter for regional center  
          applications to the EB-5 Program.  Requires GO-Biz to post a list of  
          contact information for each regional center applicant that receives  
          a support letter on its website and specifies that the list shall be  
          updated when new information is made available on at least an annual  
          basis.

        5)Provides that the requirements and authorities in this bill only  
          affect EB-5 related activities that occur on or after January 1,  
          2014.

        FISCAL EFFECT:  This bill has been keyed "fiscal" by Legislative  
        Counsel.  According to the Assembly Committee on Appropriations  
        analysis dated May 1, 2013, this bill will result in administrative  
        costs of approximately $100,000 for GO-Biz to implement this program.   
         

        COMMENTS:
        
        1. Purpose.  The  Author  is the Sponsor of this bill.  According to the  
           Author, California leads the nation in attracting and receiving  
           foreign direct investment.  The Author asserts that the top  
           countries investing in California are Japan, the United Kingdom and  
           the Netherlands and that foreign direct investment has many  
           positive impacts on the state's economy, including job creation.   
           According to the Author, in 2010, foreign firms employed almost 6  
           million Americans and owned over 33,000 individual business  
           establishments.  The Author states that foreign affiliate  
           employment accounts for over 700,000 jobs in California and that  
           the state cannot afford to miss out on the tremendous economic  
           benefits that foreign investment provides.  The Author believes  
           that implementing a robust EB-5 program in the state will continue  
           to create jobs, introduce new technology and research, and  
           contribute to rising productivity within the state. 

        2. EB-5 Program.  The EB-5 visa category, which was created by  
           Congress in 1990, is available to immigrants seeking to enter the  
           United States in order to invest in a business or company that will  
           benefit the economy.  This federal program is administered by the  
           USCIS.   The name "EB-5" is derived from the fact that it is the  
           5th category of the Employment-Based visa.  Permanent-resident  





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           status through an EB-5 visa is available to foreign investors who  
           have invested - or are actively in the process of investing - at  
           least $1million into a new commercial enterprise, which can entail:  
           the creation of an original business; the purchase of an existing  
           business and restructuring or reorganizing the business to the  
           extent that a new commercial enterprise results; or a significant  
           expansion of an existing business. 

           10,000 EB-5 visas are made available per year by USCIS.  Close to  
           4,300 investors attained EB-5 status in 2009, up from only hundreds  
           in 2007.  
            
           An applicant seeking status as an immigrant investor must  
           demonstrate that his or her investment will benefit the U.S.  
           economy and create full-time employment for at least ten qualified  
           individuals, or maintain the number of existing employees in a  
           troubled business.  If the investment in a new commercial  
           enterprise is made in a TEA, the required investment is decreased  
           to $500,000.  A TEA is either a high-unemployment area that has  
           experienced an unemployment rate of at least 150% of the national  
           average rate or a rural area. 

           In addition to individual investors, the federal government can  
           also recognize regional centers which allow for a pooling of  
           investor money.  There are at least 31 federally-recognized  
           regional centers currently operating in California, significantly  
           more than any other state.  These regional centers are based across  
           the state.  Their focuses vary widely, and include commercial real  
           estate development, agricultural products, film project, and  
           high-tech ventures.  

           Applicants to the EB-5 visa program must demonstrate that they meet  
           all requirements of the program prior to the filing with the USCIS.  
            If it is determined that the investment criteria is met and  
           properly documented, any investor may be granted conditional  
           permanent residence status for a period of two years by USCIS.  A  
           permanent green card may be issued at the end of the conditional  
           period.  

        3. California's Role in EB-5.  Currently, GO-Biz serves as a resource  
           to connect those interested in receiving foreign investment through  
           EB-5 with the necessary state entities responsible for the  
           identification and designation of TEAs.  In accordance with Title  
           8, Code of Federal Regulations Section 204.6(i), the California  
           Employment Development Department (EDD) has been delegated the  
           authority by the state to designate the cities, counties,  





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           metropolitan statistical areas, and geopolitical subdivisions  
           (census tracts) that meet the high unemployment definition to  
           qualify for the $500,000 minimum investment threshold as TEAs for  
           EB-5 program purposes.  

           Unemployment rates for cities, counties and census tracts are  
           published annually and the state uses the most recent calendar year  
           labor force and unemployment estimates to establish high  
           unemployment rates and high unemployment areas. 

           Upon the request of the applicant or an alternative representative  
           body, staff at GO-Biz may determine that a specific metropolitan  
           statistical area, a county within a metropolitan statistical area,  
           or a county in which a city or town with a population of 20,000 or  
           more is located, is a TEA.  In order to make such a determination,  
           the county, city or census tract in question must experience an  
           average unemployment rate of 150 percent of the national average. 

           According to GO-Biz, for TEA projects that do not meet the existing  
           standard, pre-calculated certification categories, GO-Biz can  
           certify "Special TEA applications" under the following criteria:

                     Projects can receive an EB-5 "Special TEA certification"  
                if they are located within an area of twelve or fewer  
                contiguous Census Tracts with a total average unemployment  
                rate of 150% the national average.

                     Requests for a special TEA should include a table  
                listing of each census tract with its corresponding  
                unemployment rate and a map showing the project address.

                     A supporting letter from the local Economic Development  
                Corporation (EDC) or County or City in which the project is to  
                be located must be provided. The letter must indicate the  
                economic development corporation's concurrence that the  
                proposed census tract will reasonably be a source of workforce  
                for the project.  

        1. EB-5 Success Stories.  There are many examples of areas and  
           developments that have benefitted from foreign investment through  
           EB-5, most especially as businesses routinely cite access to  
           capital as a roadblock to successful development of new or growth  
           of existing ventures.  According to a 2011 article in the  
           Sacramento Bee, there are now close to 15,000 people who work at  
           McClellan Business Park, a residential and industrial development  
           at the former McClellan Air Force Base which closed in 2001,  





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           resulting in the loss of some 12,000 jobs in the region.  The  
           transformation was completed with the help of $18 million invested  
           by 36 immigrants from China, Mexico and an array of other countries  
           who have applied for EB5 visas.
           
           Nationally, the state of Vermont is home to one of the largest  
           success stories from EB-5 investment.  The New York Times and  
           National Public Radio (NPR) both reported extensively on a ski  
           resort that was able to expand from seasonal winter recreation to  
           being a year-round resort after raising nearly $200 million dollars  
           from foreign investors (South Africa, Sweden, Canada, Mexico and  
           England).  The entire state of Vermont is now recognized as a  
           regional center called the Vermont Agency of Community Development  
           which focuses on bringing foreign investment to the tourism,  
           manufacturing, professional services, education and information  
           publishing industries in the state.  The state formally markets and  
           promotes the availability of EB-5 status to gain foreign investment  
           and is a model for state involvement in securing this type of  
           money.  On its Website, Vermont publicizes a swift approval process  
           for projects, state oversight of projects and activities to assure  
           compliance with U.S. Immigration Law, and hands-on involvement by  
           Vermont elected officials, including the Governor and Congressional  
           delegation.  

        2. Governor's Office of Business and Economic Development (GO-Biz).   
           In February 2010, the Little Hoover Commission undertook a review  
           of the state's economic and workforce development programs.  In its  
           final report, Making up for Lost Ground:  Creating a Governor's  
           Office of Economic Development, it analyzed the status and  
           effectiveness of current programs since the 2003 demise of the  
           Technology, Trade and Commerce Agency and recommended the creation  
           of a new governmental entity to fill the void left by the  
           dismantled agency.

           The report called for a single entity that would promote greater  
           economic development, foster job creation, serve as a policy  
           advisor and deliver specific services (i.e., permitting, tax,  
           regulatory, and other information) directly to the California  
           business community.  In April 2010, Governor Schwarzenegger issued  
           Executive Order S-05-10 as a means to operationalize the report  
           recommendations including the creation of the Governor's Office of  
           Economic Development (GOED).

           In October 2011, the Governor signed AB 29 (cited and described  
           below), which effectively codified GOED and changed its name to  
           GO-Biz, effective January 1, 2012.  Since its inception, the office  





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           has served over 3,000 businesses, 95% of which are small.  The most  
           frequent types of assistance include help with permit streamlining,  
           starting a businesses, relocation and expansion of businesses, and  
           regulatory challenges.  

           Among other programs, GO-Biz administers the Innovation Hub (iHub)  
           program in partnership with the statewide network of Small Business  
           Development Centers.  There are currently 12 regional iHubs located  
           throughout the state.  The iHub program is designed to improve the  
           state's national and global competitiveness by stimulating  
           partnerships, economic development, and job creation around  
           specific research clusters.  Key assets and partners of the  
           initiative include technology incubators, research parks,  
           universities, federal laboratories, economic development  
           organizations, business groups, and venture capitalists.

           Another key initiative of GO-Biz is the "strike teams" which can be  
           mobilized to help attract and/or retain specific businesses.   
           Strike teams are especially well suited to engage with major  
           employers and have been successfully activated to assist Bayer  
           Healthcare, Jazz Semiconductor, and Baxter Pharmaceutical to locate  
           and/or expand in California.

        3. International Trade Efforts in California.  Between 1986 and 2004,  
           the Technology, Trade and Commerce Agency (TTCA) was the  
           responsible government entity for promoting economic development,  
           international trade, and foreign investment in California.  When  
           the agency was eliminated due to its poor administrative  
           performance, the authority for all state trade activity was also  
           eliminated and the few remaining programs came under the umbrella  
           of the Business, Transportation and Housing Agency (BT&H).  The  
           former International Investment Division under TTCA had 91  
           employees and a budget of $43 million, allowing it to engage in  
           activities like formal marketing.  Beginning in the 2005-06  
           Session, several legislative measures were introduced to reinstate  
           the state's trade authority.  SB 1530 (Romero, 2006) addressed  
           these concerns by requiring BT&H to undertake a trade study to  
           determine what role the state should play in international trade  
           and foreign investment activities and required them to establish a  
           business advisory committee, and development of a trade strategy  
           consistent with the study and acts as the vehicle for implementing  
           the state's trade policy.  The first strategy was published in  
           February 2008 and the next update is required in February 2014.  
           
           Until the creation of GO-Biz there were only a very small number of  
           former International Investment Division staff working on trade  





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           related issues and activities for the state.  GO-Biz now has  
           authority for undertaking international trade and foreign  
           investment activities, including establishing any international  
           trade and investment office (AB 2012, Perez, Statutes of 2012).   
           GO-Biz has partnered with the Bay Area Council to open a  
           California-China Trade and Investment office in Shanghai's downtown  
           Yangpu district.  In a March 2013 report to the Legislature on the  
           status of this effort, GO-Biz described the office's goals "to  
           drive increased employment, revenues at California enterprises, tax  
           revenues, and international competitiveness in California" which  
           will be accomplished through promoting investment in California;  
           facilitating two-way international business growth, with an  
           emphasis on expanding foreign sales by California employers,  
           including not only manufacturers, agricultural enterprises, and  
           commodity producers, but also service providers such as  
           universities, banks, consulting companies, and the like; supporting  
           continued growth of California's role as a gateway state for goods  
           movement and passenger travel, and; identifying and addressing  
           barriers to international expansion by California employers.    

        4. Related Legislation This Session.   SB 9  (Price) establishes the  
           Office of Social Innovation within GO-Biz to establish partnerships  
           with government agencies, private investors, nonprofit  
           organizations, and for-profit service providers to facilitate the  
           use of social impact bonds (SIBs), as defined, to address social  
           services needs.to explore the use of social innovative financing in  
           the State of California.  (  Status  : The bill is pending in the  
           Senate Committee on Governance and Finance.)  
           
            SB 431  (Price) establishes the California Socioeconomic Development  
           Pods Program within GO-Biz to encourage the use of social  
           innovative financing, as defined, within blighted areas in the  
           state.  (  Status  :  The bill was held in the Senate Committee on  
           Appropriations.)

            SB 592  (Price) is an urgency measure that requires GO-Biz to  
           provide a port trade promotion strategy to the Legislature on or  
           before April 1, 2014 and requires GO-Biz to convene a statewide  
           business partnership for port trade promotion and makes various  
           findings and declarations about the economic impact of California's  
           ports and possible threats to ports from the expansion of the  
           Panama Canal.  (  Status  :  The bill is pending in the Assembly.)   

            AB 250  (Holden and V. Manuel Pérez) codifies and expands the iHub  
           Program at GO-Biz for the purpose of stimulating economic  
           development and job creation through the coordination of federal,  





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           state and local innovation-supporting resources.  (  Status  :  The  
           bill is pending in the Senate.)
  
            AB 495  (Campos) establishes the California Community Investment  
           Initiative within GO-Biz tasked with (1) creating an inventory of  
           low-income neighborhoods, state and local programs, and sources of  
           public-sector finance, (2) coordinating public-sector financial  
           investment and public programs to assist low-income communities to  
           become business, development, and investment ready, (3) developing  
           criteria for determining the type of economically, socially, and  
           environmentally responsible businesses and real estate developments  
           that the Initiative will assist in starting-up, locating, and  
           growing in low-income neighborhoods, and (4) establishing a broad  
           array of incentives to encourage responsible businesses and real  
           estate developments to grow and invest in low income neighborhoods.  
            (  Status:   The bill is currently pending in the Assembly Committee  
           on Banking and Finance.)

            AB 737  (Fox), as introduced, would have required GO-Biz to prepare  
           and submit a proposal for an unmanned aircraft test site to the  
           Federal Aviation Administration (FAA) on or before May 6, 2013.  
           (  Status  :  The bill was amended to deal with a different subject  
           matter.) 
         
         8.Prior Related Legislation.   AB 2012  (Perez, Chapter 294, Statutes of  
          2012) transferred the authority for undertaking international trade  
          and foreign investment activities from BT&H to GO-Biz, including  
          establishing any international trade and investment office.  
          
            SB 460  (Price) of 2011 required the Secretary of BT&H to convene a  
           statewide business partnership for international trade marketing  
           and promotion that includes, but is not limited to, representatives  
           of public airports, land ports of entry, seaports, ocean carriers,  
           marine terminal operators, air carriers, warehouse operators,  
           railroads, trucking companies, foreign trade zones, and shippers,  
           specifically including agricultural exporters, manufacturers,  
           post-consumer secondary material handlers, and retailers.  Required  
           the partnership to advise the Secretary of the BT&H on what role  
           the state should play in international trade marketing and  
           promotion, as specified.  ( Status  :  The bill was held in the  
           Assembly Committee on Appropriations.)
           
           SCR 33  (Price, Resolution Chapter 60, Statutes of 2011) expressed  
           the sentiment of the Legislature that the EB-5 visa program is  
           beneficial to the state's economic development and provides  
           important opportunities for foreign direct investment to  





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           California.  
           
           AB 1137  (V. Manuel Pérez) of 2011 would have facilitated local  
           economic development and job creation by assisting small businesses  
           to access new export markets for their goods and services,  
           codifying the EB-5 investment visa program, updating the law  
           relating to free trade zones, and authorizing the use of new  
           federal funds under the Small Business Jobs Act of 2010.  (  Status  :   
           The bill was held in Senate Committee on Appropriations in 2012.)    

           
           AB 1409  (Jobs, Economic Development and the Economy Committee) of  
           2011 would have required that the next update by Business,  
           Transportation and Housing Agency, of the international trade and  
           investment strategy to include policy goals, objectives and  
           recommendations from the state Goods Movement Action Plan.   
           (  Status  :  The bill was amended to deal with another subject matter  
           and held in the Senate Committee on Rules in 2012.)    
           
           AB 1558  (Assembly Committee on Jobs, 2009) aimed to recodify and  
           reorganize sections of the Government Code to create one  
           comprehensive code for the state's international trade activities  
           and programs.  The measure was amended to deal with reorganization  
           of the state's economic development programs.  (  Status  :  The bill  
           was held in the Senate Committee on Appropriations in 2010.)
           
           SB 1513  (Romero, Chapter 663, Statutes of 2006) Provides new  
           authority for BT&H to undertake international trade and investment  
           activities, and as a condition of that new authority, directs the  
           development of a comprehensive international trade and investment  
           policy for California.   

        9. Suggested Author's Amendment.  EB-5 investment can provide  
           significant resources to local developments, which in turn may  
           positively impact local communities.  Legislative members within  
           those areas may wish to be notified of the potential EB-5  
           investments to be made within their own districts.  
           
           The Author may wish to amend the bill to require GO-Biz to transmit  
           a copy of any TEA designation letters to the member of the  
           California State Assembly and California State Senate who  
           represents the area designated as a TEA where EB-5 investment will  
           be made.

           On page 3, line 7, insert (c) "In the event that the office issues  
           a state designation letter, the office shall transmit a copy of the  





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           state designation letter to the member of the California State  
           Assembly and California State Senate in whose district the TEA is  
           located."

           On page 3, line 7, strike "(c) (1)" and replace it with "(d)(1)"
           On page 3, line 24, strike "(d)" and replace it with "(e)"

           On page 3, line 26, strike "(e)" and replace it with "(f)"


           (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 Investment Program. 

           (b) The director shall set the terms and conditions for issuing a 
           state designation letter for target employment areas within the 
           structure and scope of the EB-5 Investment Program.

           (c)  In the event that the office issues a state designation letter,  
           the office shall transmit a copy of the state designation letter to  
           the member of the California State Assembly and California State  
           Senate in whose district the TEA is located.  

            (c)   (d)  (1) A regional center operating in the state shall provide  
           the 
           office with contact information for the center and the geographic 
           region and industry sector or subsectors recognized by the United 
           States Citizenship and Immigration Services (USCIS) for that 
           center.
           (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. The regional center may satisfy this requirement by 
           submitting a copy of Form I-9224A of the (USCIS) to the office. 

            (d)   (e) The office may provide a support letter for regional center 
           applications to the (USCIS).

            (e)   (f)  The director shall post on the office's Internet Web site a  

           list with contact information for each regional center where 
           information is readily available to the office. The list shall be 
           updated when new information is made available on at least an 
           annual basis.







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        10.Suggested Technical Amendments.  

           a)   In its current form, the bill refers to the "United States  
             Citizenship and Immigration Service's EB-5 Investment Program".   
             Staff recommends the following amendment to correct a drafting  
             error.

             On page 3, line 3, strike "Service's" and replace it with  
           "Services' "  

           b)   In its current form, the bill refers to "target employment  
             areas" rather than "targeted employment areas".  Staff recommends  
             the following amendment to correct a drafting error:

             On page 3, line 5, strike "target" and replace it with "targeted"  


           c)   In its current form, the bill authorizes a regional center to  
             provide GO-Biz with certain information and states that the  
             requirement may be provided by providing GO-Biz with a copy of  
             "US Citizenship and Immigration Service Form I-9224A".  Form  
             I-924A is the form used to demonstrate a regional center's  
             continued eligibility for designation as a regional center. Each  
             designated regional center is required to file a Form I-924A with  
             USCIS for each fiscal year (October 1 through September 30)  
             within 90 days after the end of the fiscal year (on or before  
             December 29) of the calendar year in which the fiscal year ended.  
              

             On page 3, line 16, strike "I-9224A" and replace it with "I-924A"

        
        SUPPORT AND OPPOSITION:
        
         Support:  

        None on file as of June 12, 2013

         Opposition:  

        None on file as of June 12, 2013



        Consultant: Sarah Mason






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