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USCIS announced on 13 November 2009 that approximately 55,600 H-1B cap subject petitions had been filed. Also, that as already announced all 20,000 H-1B visas available for aliens with advanced degrees had been used and that new H-1B petitions filed for those with advanced degree will be counted against the general H-1B cap of 65,000.
Once all available H-1B visas have been used up for the fiscal year 2010 cap you will have to wait until next year to apply for an H-1B visa. This will take into account that some of these petitions may be denied, revoked, or withdrawn.
The US H-1B visa is a very useful visa to bring in professional level staff into the US for a period of up to six years. For many employers this is the only visa that they have available to bring in degree level professional and management level staff.