Congress Proposes to Extend the EB-5 Regional Center Program Through the End of FY 2017
Congress is poised to extend the EB-5 Regional Center Program through Sept. 30, 2017, without any changes. The House Appropriations Committee submitted a proposal on Continuing Appropriations in the early morning of May 1, 2017. We expect the Omnibus Appropriation bill to proceed to House Rules Tuesday, May 2, with a vote on the House floor on Wednesday, May 3. The bill will then proceed to the Senate with time to meet the short-term patch deadline for approval by midnight Friday, May 5.
There has been an ongoing effort to include an industry-consensus EB-5 reform bill in this legislative package. While we continue to work toward a comprehensive, workable solution to EB-5 reform, it is possible that this effort will not be included at this point due to agreements above-and-beyond EB-5, and that we will merely see an extension of the program.
For more information, please see:
Bill text (p. 734): SEC. 542. Section 610(b) of the Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1993 (8 U.S.C. 1153 note) shall be applied by substituting ‘‘September 30, 2017’’ for ‘‘September 30, 2015’’.
Explanatory Text (p. 65): Section 542. A new provision is included extending the Regional Center program within the “EB-5” immigrant investor program authorization until Sept. 30, 2017.