EB-5 Regional Center Program Reauthorized To Dec., 8, 2017

The U.S. Congress extended the EB-5 Regional Center Program through December 8, 2017, without reform, as part of a stopgap continuing resolution to fund the federal government (H.R.601), which the President signed into law on September 8.

The language in H.R.601 Section 106 states that the program is “extended to December 8,” which does not necessarily mean “guaranteed to remain unchanged until December 8.” Congress is reportedly actively working on a major EB-5 reform bill and they could come up with legislation before December that affects multiple visa categories including EB-5.

The extension was expected after the summer recess due to other congressional priorities, like hurricane-relief, tax reform, missile defense against North Korea and other military spending, and prolonged budget negotiations. Under the package approved Friday, government funding will run out on Dec. 8. The biggest fiscal fights of the year will now be pushed to December, when lawmakers typically are under pressure to reach deals before leaving for the holidays.

http://www.jdsupra.com/legalnews/eb-5-regional-center-program-63374/

Mentions

• Fox Rothschild LLP

States

• New York