H.R. 5992: The American Job Creation and Investment Promotion Reform Act of 2016
As the Sept. 30, 2016, sunset date approaches for the EB-5 Regional Center program, the EB-5 industry has come together with a unified voice calling for the program to be extended with appropriate reforms. On Sept. 7, 2016, a letter was circulated to the Members of the Judiciary Committees of the U.S. Senate and House of Representatives calling for reauthorization of the EB-5 program, signed by the American Immigration Lawyers Association, the U.S. Chamber of Commerce, the EB-5 Investment Coalition, Invest in the USA, and The Real Estate Roundtable.
On Sept. 9, 2016, a draft of an EB-5 bill, titled the “American Job Creation and Investment Promotion Reform Act of 2016,” was circulated to the industry. On Sept. 12, 2016, the bill, H.R. 5992, was introduced into the second session of the 114th Congress by House Judiciary Committee Chairman Bob Goodlatte, and a markup of H.R. 5992 was scheduled for Sept. 14, 2016. Given the short amount of time between the bill’s introduction and the scheduled markup, the EB-5 industry joined together again on Sept. 12, 2016, and sent a letter to the Members of the Judiciary Committees of the U.S. Senate and House of Representatives with a list of concerns over the contents of the bill. The markup was canceled on Sept. 13, 2016, with no new date set.
- Kristen W. Ng
- Greenberg Traurig, LLP
- AILA - American Immigration Lawyers Association
- Association to Invest In the USA (IIUSA)
- U.S. Chamber of Commerce
Subscribe for News
This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.