Latest EB-5 News
December 5 2015
EB-5 Extension Bill Update
The EB-5 extension bill is working its way through Congress.
Here is the latest:
- IIUSA (EB-5 Regional Center trade group) today agreed to support Senator Grassley’s latest bill.
- Others continue to fight for changes and a clean extension of the current law to September 30, 2016 with some modifications to the transparency requirements.
- One key issue is the 10% “direct” jobs requirement in the December 2nd draft. I am told the drafters say that they mean to include direct jobs from the economic study, not W-2 employees, and that is what the compliance section says at (E)(v)(l)(aa). They have indicated willingness to make this more explicit, which is definitely needed.
- In the opinion of some, there is room for a few tweaks that would make the changes more workable. Others think an extension to September 30, 2016 is possible.
- There is a collision between big urban RC operators and the proponents of this legislation, who do not like those folks much to start with.
Still, the proposed new language, a lapse of the program, or a short, relatively clean extension are all in play.
Have a good weekend.