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2013 -- H 5878 | |
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LC02074 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2013 | |
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H O U S E R E S O L U T I O N | |
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RESPECTFULLY REQUESTING THE OFFICE OF THE GENERAL TREASURER TO | |
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ASSESS, VET, AND OTHERWISE INVESTIGATE THE POSSIBILITY OF ESTABLISHING | |
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A STATEWIDE EB-5 REGIONAL CENTER IN THE STATE OF RHODE ISLAND | |
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Introduced By: Representative Jeremiah T. O`Grady | |
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Date Introduced: March 13, 2013 | |
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Referred To: House Judiciary | |
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WHEREAS, The EB-5 Visa Program is a federal initiative created by the Immigration |
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Act of 1990 (“The Act”) and managed by the United States Citizenship and Immigration Services |
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(USCIS); and |
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WHEREAS, The EB-5 program provides the opportunity for foreign nationals to gain a |
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United States Visa in exchange for investing either $500,000 or $1 million in a United States |
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business and creating at least ten new jobs; and |
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WHEREAS, To qualify under the EB-5 program this investment must create an original |
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business, fundamentally restructure an existing business, expand an existing business so that it |
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grows by 140 percent in jobs or net worth, and retain all jobs in an existing troubled business that |
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has lost 20 percent of its net worth over the past 1 to 2 years; and |
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WHEREAS, To qualify under the EB-5 program, the venture investment must be made |
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within an approved Targeted Employment Area (TEA), defined as an area that, at the time of |
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investment, is a rural area and area experiencing unemployment of at least one hundred fifty |
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percent of the national average rate; and |
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WHEREAS, Amendments to The Act in 1992, and regularly reauthorized since, allow for |
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the establishment of an EB-5 Regional Center by any public entity which is involved with the |
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promotion of economic growth, improved regional productivity, job creation, and increased |
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domestic capital investment; and |
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WHEREAS, The purpose of an EB-5 Regional Center is to pool and leverage venture |
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capital, assure compliance with The Act, and make appropriate capital placements in targeted |
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economic sectors located within TEAs; and |
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WHEREAS, The entire State of Rhode Island qualifies as a TEA; and |
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WHEREAS, The business community in Rhode Island is continually faced with access to |
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capital issues as evidenced by data available in Pricewaterhouse Cooper’s Money Tree Report; |
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and |
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WHEREAS, The Rhode Island House of Representatives is committed to promoting the |
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expansion of business opportunities in Rhode Island by addressing structural barriers, including |
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access to capital; now, therefore be it |
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RESOLVED, That this House of Representatives of the State of Rhode Island and |
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Providence Plantations hereby requests the office of the General Treasurer to assess, vet, and |
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otherwise investigate the possibility of establishing a statewide EB-5 Regional Center in the State |
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of Rhode Island and to report the findings of said investigation to the General Assembly, along |
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with any appropriate legislative actions necessary to establish such a center; and be it further |
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RESOLVED, That the Secretary of State be and hereby is authorized and directed to |
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transmit a duly certified copy of this resolution to the Honorable Gina M. Raimondo, General |
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Treasurer. |
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LC02074 | |
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