The Hill
By Cristina Marcos
May 14, 2014
Reps.
Aaron Schock (R-Ill.) and Tulsi Gabbard (D-Hawaii) have introduced a
bipartisan bill to permanently extend a visa program for immigrant
investors.
"This
much-needed legislation underscores the importance of an incremental
approach to immigration reform as Congress seeks common ground to
address our nation's broken
system," Schock said in a statement.
Schock is among the House Republicans who have called for a broader immigration overhaul.
The
EB-5 visa program is available for immigrants who make U.S. investments
of at least $1 million, or $500,000 in rural areas. The investment must
consequently create
ten or more full-time jobs within two years. Those jobs cannot count
the investors or their immediate families. Up to 10,000 EB-5 visas are
available each year.
Under
current law, the EB-5 visa program will expire in 2015. The last
authorization in 2012 passed easily in the House on a 412-3 vote.
Gabbard said that permanently extending the visa program would boost domestic economic production.
"By
introducing the EB-5 Act, we can leverage funds and capital from
overseas in our communities by encouraging foreign investors to create
and support jobs in every sector
of our economy, particularly in rural areas or those with high
unemployment," Gabbard said.
For more information, go to: www.beverlyhillsimmigrationlaw.com
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