13-R304
2013 -- H 5878
Enacted 05/29/13
H O U S E R E S
O L U T I O N
RESPECTFULLY
REQUESTING THE OFFICE OF THE GENERAL TREASURER TO ASSESS, VET, AND OTHERWISE
INVESTIGATE THE POSSIBILITY OF ESTABLISHING A STATEWIDE EB-5
Introduced By: Representative Jeremiah T. O`Grady
Date Introduced: March 13, 2013
WHEREAS, The EB-5
Visa Program is a federal initiative created by the Immigration
Act of 1990 (“The Act”) and managed by the United
States Citizenship and Immigration Services
(USCIS); and
WHEREAS, The EB-5
program provides the opportunity for foreign nationals to gain a
United States Visa in exchange for investing either
$500,000 or $1 million in a
business and creating at least ten new jobs; and
WHEREAS, To qualify under the EB-5 program this investment must
create an original
business, fundamentally restructure an existing business,
expand an existing business so that it
grows by 140 percent in jobs or net worth, and retain all
jobs in an existing troubled business that
has lost 20 percent of its net worth over the past 1 to 2
years; and
WHEREAS, To qualify under the EB-5 program, the venture investment
must be made
within an approved Targeted Employment Area (TEA), defined
as an area that, at the time of
investment, is a rural area and area experiencing unemployment
of at least one hundred fifty
percent of the national average rate; and
WHEREAS, Amendments to
The Act in 1992, and regularly reauthorized since, allow for
the establishment of an EB-5 Regional Center by any
public entity which is involved with the
promotion of economic growth, improved regional productivity,
job creation, and increased
domestic capital investment; and
WHEREAS, The purpose of an EB-5 Regional Center is to pool and
leverage venture
capital, assure compliance with The Act, and make appropriate
capital placements in targeted
economic sectors located within TEAs;
and
WHEREAS, The entire State of
WHEREAS, The business community in
capital issues as evidenced by data available in Pricewaterhouse Cooper’s Money Tree Report;
and
WHEREAS, The Rhode
Island House of Representatives is committed to promoting the
expansion of business opportunities in
access to capital; now, therefore be it
RESOLVED,
That this House of Representatives of the State of
Providence Plantations
hereby requests the office of the General Treasurer to assess, vet, and
otherwise investigate the possibility of establishing a
statewide EB-5 Regional Center in the State
of
with any appropriate legislative actions necessary to
establish such a center; and be it further
RESOLVED,
That the Secretary of State be and hereby is
authorized and directed to
transmit a duly certified copy of this resolution to the
Honorable Gina M. Raimondo, General
Treasurer.
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LC02074
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