EB-5 | U.S. Congress Votes to Extend EB-5 Program through December 2016
Yesterday, the United States Congress overwhelmingly voted to approve a short-term Continuing Resolution with several amendments, including a clean amendment designed to extend the sunset or expiration of the current EB-5 program for foreign investors seeking permanent residency in the United States. The Continuing Resolution extends the current EB-5 program without any changes through 9 December 2016. The President is expected to sign the Continuing Resolution before 30 September 2016.
Notwithstanding the foregoing, House Bill H.R. 5992, known as the “American Job Creation and Investment Promotion Reform Act of 2016”, to date has not been passed by the Congress, and remains pending. House Bill H.R. 5992 is the companion to the proposed Senate legislation of the same name that has bipartisan support. If approved by the Congress, and signed into law by the President, the new EB-5 law would effect several changes to the EB-5 program, including an increase to US$1,200,000 of the minimum amount of a qualifying investment in a non-Targeted Employment Area, and an increase to US$800,000 of the minimum amount of an investment in a Targeted Employment Area.