On Friday, May 5, 2017, President Trump signed a bipartisan omnibus spending bill that was passed by both the House of Representatives and the Senate earlier in the week. This bill funds the government as well as extends the EB-5 Regional Center Program through September 30, 2017, with no changes made to the program as of now.
- 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 Statement (p. 65):
- Section 542. A new provision is included extending the Regional Center program within the “EB-5” immigrant investor program authorization until September 30, 2017.
We at David Hirson & Partners, LLP are confident that this extension will allow EB-5 industry stakeholders and our elected government officials to work together to find the best future for this program that creates needed jobs for U.S. workers. There has been, and continues to be, much-needed dialogue about changes to the EB-5 Regional Center Program. A long-term resolution and reauthorization of the program would be very beneficial to the U.S. economy and local economies that have EB-5 projects in them.
If you are interested in learning more about the EB-5 program, its continuing reauthorization, or how to go through the EB-5 process, please contact our experienced EB-5 team at David Hirson & Partners, LLP today.