Sec. 302. Promoting American Ingenuity Account
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Section 286 of the Immigration and Nationality Act ( 8 U.S.C. 1356 ), as amended by section 201(c)(1)(B) of this Act, is further amended by adding at the end the following: There is established in the general fund of the Treasury a separate account, which shall be known as the Promoting American Ingenuity Account . There shall be deposited as offsetting receipts into the account fees collected under section 203(b)(7) and a portion of the fees collected under section 214(c)(9).
Amounts deposited into the account shall remain available to the Secretary of Education until expended. The purposes of the Promoting American Ingenuity Account are to enhance the economic competitiveness of the United States by— strengthening STEM education, including in computer science, at all levels; ensuring that schools have access to well-trained and effective STEM teachers; and helping colleges and universities produce more graduates in fields needed by American employers.
The Secretary of Education may reserve up to 5 percent of the amounts deposited into the Promoting American Ingenuity Account to carry out the activities described in clause (ii). From the amounts reserved under clause (i), the Secretary of Education shall, directly or through grants and contracts— provide technical assistance to States and local educational agencies in carrying out activities described in section 304 of the SKILLS Visa Act ; and acting through the Institute of Education Sciences, conduct national evaluations of activities carried out by the State under such section 304.
Subject to clause (ii), the Secretary of Education shall proportionately allocate the remaining amounts deposited into the account to the States each fiscal year in an amount that bears the same relationship to the remainder as the amount the State received under subpart 2 of part A of title I of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 6331 et seq.) for the preceding fiscal year bears to the amount all States received under that subpart for the preceding fiscal year.
No State shall receive less than an amount equal to 0.5 percent of the total amount made available to all States from the Promoting American Ingenuity Account. If a State does not request an allocation from the Account for a fiscal year, the Secretary shall reallocate the State's allocation to those States with approved applications under section 303 of the SKILLS Visa Act in accordance with clause (i). .
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