Texas House Bill HB3383

Texas 2015 - 84th Regular

Caption

Relating to the EB-5 immigrant investor visa program administered by United States Citizenship and Immigration Services.

Impact

The bill mandates that the Texas Workforce Commission conducts a comprehensive study evaluating the impact of the EB-5 program in Texas. This study will assess a variety of factors such as the number of jobs created, economic benefits at various levels (state, regional, and local), total investments made, and effectiveness of the program in contributing to local economies. Such a requirement reflects the state's initiative to leverage foreign investment for economic development while maintaining oversight and accountability in how these resources are utilized.

Summary

House Bill 3383 aims to amend Title 99 of the Business & Commerce Code by introducing Chapter 2005, which focuses on the EB-5 immigrant investor visa program. This bill requires regional centers to notify the Texas Workforce Commission and local entities regarding the issuance of EB-5 immigrant visas connected to investments in commercial enterprises within municipalities or counties. The notification is intended to include relevant details about the number of visas issued and jobs created or preserved within the community as a result of these investments.

Contention

A notable point of contention surrounding HB 3383 may arise from differing opinions on the benefits and risks associated with the EB-5 visa program itself. Supporters argue that this program can lead to significant job creation and economic development, especially in areas needing investment. However, critics might raise concerns regarding the adequacy of monitoring these investments, fears of potential misuse of the program, and implications for local job markets and businesses.