BILL NUMBER: AB 826INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Chau FEBRUARY 26, 2015 An act to amend Sections 6315, 6315.1, and 12096.5 of the Government Code, relating to economic development. LEGISLATIVE COUNSEL'S DIGEST AB 826, as introduced, Chau. Economic development: foreign trade: foreign and domestic investors. Existing law establishes the California Foreign Investment Program and requires the Governor's Office of Business and Economic Development to serve as the lead state entity for overseeing the state's participation with the United States Citizenship and Immigration Services' EB-5 Investment Program. Existing law authorizes specified public and private corporations to establish, operate, and maintain a regional center subject to specified conditions and restrictions. Existing law requires the director to post on the office's Internet Web site a list with contact information for each regional center where information is readily available to the office. This bill would define "regional center" for those purposes. The bill would require the contact information to include a link to the Internet Web site for each regional center. Existing law also establishes the California Business Investment Services Program within the office, under the direct authority of the Director of the Governor's Office of Business and Economic Development, to serve employers, corporate executives, business owners, and site location consultants who are considering California for business investment and expansion. Existing law requires the director to establish and implement a process for convening teams on specified key business development situations. Existing law requires the director, in implementing the program, to work cooperatively with marketing institutions and trade organizations in attracting, retaining, and helping businesses grow and be successful in the state. This bill would include attracting foreign and domestic investors among those key business development situations. The bill would also require the director to work cooperatively with marketing institutions and trade organizations in attracting, retaining, and helping investments grow and be successful in the state. Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 6315 of the Government Code is amended to read: 6315. (a) This chapter shall be known and may be cited as the California Foreign Investment Program. (b) For purposes of this chapter: (1) "Director" means the Director of the Governor's Office of Business and Economic Development. (2) "Office" means the Governor's Office of Business and Economic Development. (3) "Public corporation" means the state, any political subdivision thereof, any incorporated municipality therein, any public agency of the state, of any political subdivision thereof, or of any municipality therein, or any corporate municipal instrumentality of this state or of this state and one or more other states. (4) "EB-5 Investment Program" and the "Foreign Investment Program" means Section 203(b)(5) of the Immigration and Nationality Act (8 U.S.C. Sec. 1153(b)(5)). (5) "Regional center" means an entity designated by the United States Citizenship and Immigration Services for the purpose of pooling EB-5 capital from multiple foreign investors in economic development projects in a defined geographic region, pursuant to a program approved in Public Law 112-176, dated September 28, 2012. SEC. 2. Section 6315.1 of the Government Code is amended to read: 6315.1. (a) The office shall serve as the lead state entity for overseeing the state's participation with the United States Citizenship and Immigration Services' EB-5 Investment Program. (b) The director shall set the terms and conditions for issuing a state designation letter for targeted employment areas within the structure and scope of the EB-5 Investment Program. (c) (1) A regional center with one or more offices in the state shall provide the office with contact information for the center and the geographic region, if applicable, and industry sector or subsectors recognized by the United States Citizenship and Immigration Services (USCIS) for that center. (2) A regional center with one or more offices within this state shall annually provide information to the office on the number of clients served, location of investments, and number of direct and indirect jobs created. The regional center may satisfy this requirement by submitting a copy of Form I-924A of the USCIS to the office. (d) (1) The director shall post on the office's Internet Web site a list with contactinformationinformation, including a link to the Internet Web site for each regional center where information is readily available to the office. The list shall be updated when new information is made available on at least an annual basis. The director may also include other relevant information obtained by the office pursuant to subdivision (c). (2) The office shall annually report on the number of state designation letters issued pursuant to subdivision (b) and on the information provided to the office pursuant to subdivision (c) in either the office's annual report under Section 13996.65 or in a separate report to the Legislature submitted pursuant to Section 9795. The information on regional centers and designation letters shall, to the extent practicable, be provided in the aggregate, by county, and by legislative district. SEC. 3. Section 12096.5 of the Government Code is amended to read: 12096.5. (a) The California Business Investment Services Program is hereby created within the Governor's Office of Business and Economic Development. (b) The program shall be under the direct authority of the director. (c) The purpose of the program is to serve employers, corporate executives, business owners, and site location consultants who are considering California for business investment and expansion. (d) In implementing the program, the director shall establish and implement a process for convening teams on key business development situations, including, but not limited to, attracting new businesses, attracting foreign and domestic investors, relocation of large manufacturers, or the closure of a large business employer. (e) In implementing the program, the director shall work cooperatively with local, regional, federal, and other state public and private marketing institutions and trade organizations in attracting, retaining, and helping businesses and investments grow and be successful in California.