BILL NUMBER: SCR 33CHAPTERED BILL TEXT RESOLUTION CHAPTER 60 FILED WITH SECRETARY OF STATE JULY 19, 2011 APPROVED BY GOVERNOR JULY 19, 2011 ADOPTED IN SENATE MAY 23, 2011 ADOPTED IN ASSEMBLY JULY 14, 2011 INTRODUCED BY Senator Price APRIL 4, 2011 Relative to foreign investment. LEGISLATIVE COUNSEL'S DIGEST SCR 33, Price. Foreign investment. This measure would state that the Legislature finds and declares that it is in California's economic interest to promote opportunities for EB-5 visa investment in the state. WHEREAS, The economic downturn has led to higher unemployment in California, and has limited access to credit and investment for California businesses; and WHEREAS, Greater foreign investment in California would create jobs and improve the state's economy; and WHEREAS, Many foreign investors see California as a desirable place to invest and reside; and WHEREAS, Congress created the EB-5 visa category in 1990 to attract foreign investment, making EB-5 status available to immigrants seeking to enter the United States in order to invest in a business or company that will benefit the economy; and WHEREAS, The federal government's quota of 10,000 EB-5 visas per year has rarely been met, indicating that the EB-5 visa may be an underutilized resource for foreign investment; and WHEREAS, To be eligible for an EB-5 visa, an applicant must invest one million dollars ($1,000,000) in a project that will benefit the United States economy and create full-time employment for at least 10 qualified individuals; and WHEREAS, If the investment in a new commercial enterprise is made in a rural area or one with high unemployment, that investment can be five hundred thousand dollars ($500,000); and WHEREAS, Use of the EB-5 visa has increased during the economic downturn, and other states have implemented successful programs to attract foreign investment; and WHEREAS, A Vermont ski resort was able to expand from seasonal winter recreation to being a year-round resort after raising nearly two hundred million dollars ($200,000,000) from South African, Swedish, Canadian, Mexican, and British investors; now, therefore, be it Resolved by the Senate of the State of California, the Assembly thereof concurring, That the Legislature finds and declares that it is in California's economic interest to promote opportunities for EB-5 visa investment in the state; and be it further Resolved, That the Secretary of the Senate transmit copies of this resolution to the author for appropriate distribution.