This Act may be cited as the Iceland Commercial and Economic Leadership for Arctic and National Development Act or the ICELAND Act.

For purposes of clauses (i) and (ii) of section 101(a)(15)(E) of the Immigration and Nationality Act (8 U.S.C. 1101(a)(15)(E)U.S. Code — Title 8, Section 1101(a)(15)(E)View official source on GovInfo), Iceland shall be considered to be a foreign state described in such section if the Government of Iceland provides similar nonimmigrant status to nationals of the United States.