The Omnibus bill that will continue to fund the federal government until Sept. 30, 2017, was passed in both the House of Representatives and the Senate on May 4, 2017, and was signed by the president on May 5, 2017. Of note, the bill continues a provision that will extend the EB-5 Regional Center Program as-is until Sept. 30, 2017. While the Omnibus bill does not contain provisions that will alter the program, including minimum investment amounts, TEA designations, or integrity measures, stakeholders should be reminded that the comment period for the proposed EB-5 regulations closed on April 11, and that the comments are currently in the review stage. Following DHS review, the regulations will be sent to OMB (Office of Management and Budget)/OIRA (Office of Information and Regulatory Affairs) for final review and approval. If and when the regulations are published as final in the Federal Register, implementation can be as soon as a minimum of 30 days from the publishing date. In addition, there have been many productive discussions with members of Congress regarding EB-5 reform via legislation, with drafts of legislative text circulated. Major EB-5 stakeholders have been working diligently to come to a compromise with members of Congress. Greenberg Traurig will continue to monitor the status of the EB-5 proposed regulations as well as any legislative activity between now and Sept. 30, 2017.
- New York
Subscribe for News
Join Professionals on EB5Projects.com →
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.