The EB-5 Regional Center Program authorization is now extended to December 8, 2017 thanks to H.R.601, which President Trump signed into law September 7th, as part of the President’s budget deal with Congress.
In a message to members of the Public Policy Committee, the IIUSA confirmed the extension of the EB-5 regional center program as part of the budget deal between President Trump and Congressional leaders.
IIUSA message on EB-5 extension
The IIUSA is one of the leading EB-5 industry trade groups. Here is the text of the message from the IIUSA:
Dear IIUSA Public Policy Committee,
As we are sure you’ve seen in media outlets, there is important news regarding government spending, and in turn, EB-5 reauthorization.
EB-5 Extension thru 12/8 Part of Congress/White House Spending Deal
Yesterday, Congress reached a deal with the White House that, once passed at some point this September, would extend existing funding levels and other program authorizations (such as EB-5) included on the last “continuing resolution” (“CR”) through 12/8/17.
The EB-5 authorization comes in Section 105 text of the deal released yesterday which:
Continues all authorities, requirements, and limitations from 2017 appropriations Acts through the date in section 106. Allows for valid obligations and expenditures during the period of the Continuing Resolution (CR).
Section 106 verifies the date:
Continues appropriations through December 8, 2017, or the enactment of the pertinent appropriations Act.
Business writer and EB-5 expert Suzanne Lazicki, owner of Lucid Text Blog, mentioned in her analysis of the law that the language in Section 106 should serve as a good reminder that “extended to December 8” doesn’t mean “guaranteed to remain unchanged until December 8.” It has been speculated that Congress will turn its attention to immigration issues in the next couple months, and it is possible they could come up with legislation before December that affects multiple visa categories including EB-5.
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