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 6315 of the Government Code is amended
2to read:
(a) This chapter shall be known and may be cited as the
4California Foreign Investment Program.
5(b) For purposes of this chapter:
6(1) “Director” means the Director of the Governor’s Office of
7Business and Economic Development.
8(2) “Office” means the Governor’s Office of Business and
9Economic Development.
10(3) “Public corporation” means the state, any political
11subdivision thereof, any incorporated municipality therein, any
12public agency of the state, of any political subdivision thereof, or
13of any municipality therein, or any corporate municipal
14instrumentality of this state or
of this state and one or more other
15states.
16(4) “EB-5 Investment Program” and the “Foreign Investment
17Program” means Section 203(b)(5) of the Immigration and
18Nationality Act (8 U.S.C. Sec. 1153(b)(5)).
19(5) “Regional center” means an entity designated by the United
20States Citizenship and Immigration Services for the purpose of
21pooling EB-5 capital from multiple foreign investors in economic
22development projects in a defined geographic region, pursuant to
23a program approved in Public Law 112-176, dated September 28,
242012.
Section 6315.1 of the Government Code is amended
2to read:
(a) The office shall serve as the lead state entity for
4overseeing the state’s participation with the United States
5Citizenship and Immigration Services’ EB-5 Investment Program.
6(b) The director shall set the terms and conditions for issuing a
7state designation letter for targeted employment areas within the
8structure and scope of the EB-5 Investment Program.
9(c) (1) A regional center with one or more offices in the state
10shall provide the office with contact information for the center and
11the geographic region, if applicable, and industry sector or
12subsectors recognized by the United States Citizenship and
13Immigration Services (USCIS) for that center.
14(2) A regional center with one or more offices within this state
15shall annually provide information to the office on the number of
16clients served, location of investments, and number of direct and
17indirect jobs created. The regional center may satisfy this
18requirement by submitting a copy of Form I-924A of the USCIS
19to the office.
20(d) (1) The director shall post on the office’s Internet Web site
21a list with contactbegin delete informationend deletebegin insert information, including a link to the
22Internet Web siteend insert for each regional center where information is
23readily available to the office. The list shall be updated when new
24information is made available on at least an annual basis. The
25director may also
include other relevant information obtained by
26the office pursuant to subdivision (c).
27(2) The office shall annually report on the number of state
28designation letters issued pursuant to subdivision (b) and on the
29information provided to the office pursuant to subdivision (c) in
30either the office’s annual report under Section 13996.65 or in a
31separate report to the Legislature submitted pursuant to Section
329795. The information on regional centers and designation letters
33shall, to the extent practicable, be provided in the aggregate, by
34county, and by legislative district.
Section 12096.5 of the Government Code is amended
36to read:
(a) The California Business Investment Services
38Program is hereby created within the Governor’s Office of Business
39and Economic Development.
P4 1(b) The program shall be under the direct authority of the
2director.
3(c) The purpose of the program is to serve employers, corporate
4executives, business owners, and site location consultants who are
5considering California for business investment and expansion.
6(d) In implementing the program, the director shall establish
7and implement a process for convening teams on key business
8development situations, including, but not limited to, attracting
9new businesses,begin insert
attracting foreign and domestic investors,end insert
10 relocation of large manufacturers, or the closure of a large business
11employer.
12(e) In implementing the program, the director shall work
13cooperatively with local, regional, federal, and other state public
14and private marketing institutions and trade organizations in
15attracting, retaining, and helping businessesbegin insert and investmentsend insert grow
16and be successful in California.
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