EB-5 | New Bill to Extend the EB-5 Pilot Program Introduced in U.S. Congress
The National Law Review and other news sources are reporting that on Sept. 12, 2016, the House Bill H.R. 5992, known as the “American Job Creation and Investment Promotion Reform Act of 2016”, was formally introduced into the House of Representatives. The Bill was introduced by House Judiciary Committee Chairman Bob Goodlatte (R-Virginia). The Bill is the companion to the proposed Senate legislation of the same name introduced by Senator Patrick Leahy (D-Vermont) and Senator Chuck Grassley (R-Iowa), and which has bipartisan support.
If passed and signed into law by the President, H.R. 5992 would extend the current EB-5 Pilot Program, albeit with several changes and amendments, and prevent the program from expiring at the end of September 2016. Among the changes included in H.R. 5992 are that the minimum amount of a qualifying investment in a non-Target Employment Area would increase to US$1,200,000, and the minimum amount of an investment in a Target Employment Area would increase to US$800,000. At the present time, the bill remains in “Mark-Up”.
Unless extended by Congress, the current EB-5 Pilot Program remains scheduled to “sunset” or expire on 30 September 2016.
If you have any questions relating to the EB-5 Program, or if you would like to schedule a confidential consultation with Walroth-Sadurni Law, please contact us. Our contact information can be found in our website, at www.walsadlaw.com.