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December 2 2015

News on EB-5 Extension Bill

The news from Washington D.C. about the EB-5 regional center extension bill is inconsistent. Many are lobbying their Senators and Representatives. I took one regional center owner and a regional center developer to see Congresswoman Pelosi’s staff. We explained the shortcomings of the Grassley Bill.

President Obama has signaled a willingness to sign a short term budget extension if Congress cannot conclude its work on the omnibus budget bill (of which the EB-5 expiration is a part) by the December 11th deadline. Thus, December 11th may or may not be the deadline to file I-526s at $500,000. But, we plan to file all our cases as soon as possible.

The nature of the bill as it stands today depends on who you talk to in D.C. Some say the Grassley Bill with a few modifications has gone to the Senate Appropriations Committee and it appears that will become law. Others report there is support for a bill to extend the current EB-5 statute to September 30, 2016 with possibly some noncontroversial securities disclosure and anti-fraud and abuse provisions to save face for Senator Grassley.

Possibly by the time you read this, the lay of the land may be more certain. I will try to keep you updated.