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CBO Cost Estimate - H.R. 3992 [i] (March 7, 2012)

handle is hein.congrec/cbo10638 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE March 7, 2012 H.R. 3992 A bill to allow otherwise eligible Israeli nationals to receive E-2 nonimmigrant visas if similarly situated United States nationals are eligible for similar nonimmigrant status in Israel As ordered reported by the House Committee on the Judiciary on February 28, 2012 H.R. 3992 would permit nationals of Israel to enter the United States temporarily under the E-2 visa program if Israel extends reciprocal treatment to U.S. nationals. Enacting H.R. 3992 would affect direct spending; therefore, pay-as-you-go procedures apply. However, CBO estimates that the net effects would be insignificant for each year and over the 2012-2022 period. Enacting the bill would not affect revenues. The E-2 visa allows nonimmigrant investors to enter the United States temporarily to oversee a business in which they have made a significant investment. Under the bill, if an Israeli national applied for the E-2 visa, the Department of State would charge a $390 fee to cover the cost of adjudicating the application and processing the visa. Israeli nationals are already eligible for a similar visa category-the E-I visa for nonimmigrant traders. Based on information from the Department of State about the number of Israeli citizens who received E-I visas and the ratio of E-2 to E-I visas in countries comparable to Israel, CBO expects that under the bill the department would issue about 500 additional E-2 visas each year and collect about $200,000 in additional fees annually. The department is authorized to collect and spend such fees without further appropriation, so the net impact on federal spending would not be significant. H.R. 3992 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would impose no costs on state, local, or tribal governments. The CBO staff contact for this estimate is Sunita D'Monte. The estimate was approved by Theresa Gullo, Deputy Assistant Director for Budget Analysis.

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