On March 6, 2014, Representative Jared Polis (D-CO), along with Representative Joe Garcia (D-FL), Representative Matt Salmon (R-AZ) and Representative Mark Amodei (R-NV), introduced The American Entrepreneurship and Investment Act of 2014. A copy of the bill and an official Section by Section overview have been made available. The legislation would, among the other items listed below, make the Regional Center program permanent and improve the program by addressing key administrative and substantive concerns. Some of the specific proposals in the bill include:
- Improved definition of Targeted Employment Area (TEA) designations
- Codifies the current TEA designation authority, which leaves such designations up to the states, which are best equipped to determine local employment needs. This is consistent with USCIS’s May 30, 2013 “EB-5 Adjudications Policy (PM-602-0083);
- Lowers the minimum capital investment required from $1,000,000 to $500,000; and
- Expands the TEA designation for areas where a military installation was closed and where a State or the Federal government has designated an area as an economic development incentive program.