Sec. 6. Employment creation visas
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Chapter 2 of title II of the Immigration and Nationality Act ( 8 U.S.C. 1181 et seq.), as amended by this Act, is further amended by adding at the end the following: Visas shall be made available, in a number not to exceed 9,940 each fiscal year, to qualified immigrants seeking to enter the United States for the purpose of engaging in a new commercial enterprise (including a limited partnership)— in which such alien has invested (after November 29, 1990) or, is actively in the process of investing, capital in an amount not less than the amount specified in subsection (c); and which will benefit the United States economy and create full-time employment for not fewer than 10 United States citizens or aliens lawfully admitted for permanent residence or other immigrants lawfully authorized to be employed in the United States (other than the immigrant and the immigrant’s spouse, sons, or daughters).
Not less than 3,000 of the visas made available under this paragraph in each fiscal year shall be reserved for qualified immigrants who invest in a new commercial enterprise described in subsection
(a)which will create employment in a targeted employment area. targeted employment area defined In this paragraph, the term targeted employment area means, at the time of the investment, a rural area or an area which has experienced high unemployment (of at least 150 percent of the national average rate). rural area defined In this paragraph, the term rural area means any area other than an area within a metropolitan statistical area or within the outer boundary of any city or town having a population of 20,000 or more (based on the most recent decennial census of the United States). Except as otherwise provided in this subparagraph, the amount of capital required under subsection
(a)shall be $1,000,000. The Attorney General, in consultation with the Secretary of Labor and the Secretary of State, may from time to time prescribe regulations increasing the dollar amount specified under the previous sentence. The Attorney General may, in the case of investment made in a targeted employment area, specify an amount of capital required under subsection
(a)that is less than (but not less than ½ of) the amount specified in paragraph (1). In the case of an investment made in a part of a metropolitan statistical area that at the time of the investment— is not a targeted employment area; and is an area with an unemployment rate significantly below the national average unemployment rate, the Attorney General may specify an amount of capital required under subsection
(a)that is greater than (but not greater than 3 times) the amount specified in paragraph (1). In this paragraph, the term full-time employment means employment in a position that requires at least 35 hours of service per week at any time, regardless of who fills the position. . Section 201(b) of the Immigration and Nationality Act ( 8 U.S.C. 1151(b) ) is amended by adding at the end the following: Aliens who are admitted under section 221. . The table of contents for the Immigration and Nationality Act ( 8 U.S.C. 1101 et seq.), as amended by this Act, is further amended by inserting after the item relating to section 220 the following: Sec. 221. Employment creation visas. . Section 216A of such Act ( 8 U.S.C. 1186b ) is amended by striking section 203(b)(5) each place it appears and inserting section 221 .
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