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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.