The American Job Creation and Investment Promotion Reform Act of 2017, introduced by Grassley and Leahy on April 15, 2017.
Congressional Status of Grassley and Leahy
Chuck Grassley, Republican Senator from Iowa, currently serving as Chairman of the Senate Judiciary Committee;
Patrick Leahy, Democratic Senator from Vermont, currently serving as Chairman of the Senate Appropriations Committee and former Chairman of the Senate Judiciary Committee.
Background of the Draft Bill
Jointly introduced by two senior Senators from the Republican and Democratic parties;
The reform of the EB-5 bill is not a dispute between the Republican and Democratic parties, but rather a dispute between the rural faction and the urban faction. This draft is based on a compromise reached by the rural faction with the urban faction.
The draft bill defines a "Priority Urban Investment Area" as meeting any two of the following three conditions:
I) The unemployment rate is higher than 150% of the national average;
II) The poverty rate is not less than 30%;
III) The median household income does not exceed 60% of the greater of the median household income of the state or the metropolitan area.
Provisions for the Use of Set-aside Visas in the Draft Bill:
I). In fiscal year 2018, 7.5% of visa quotas are reserved for investors in "Priority Urban Investment Areas" and "Rural Areas" respectively, meaning approximately 750 visas are reserved for each;
II). Starting from fiscal year 2019, 15% of visa quotas are reserved for investors in "Priority Urban Investment Areas" and "Rural Areas" respectively, meaning approximately 1,500 visas are reserved for each.