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ARTICLE · 26 OCTOBER 2017

Proposed Framework For EB-5 Reform – Headed For Omnibus In December?

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

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With all eyes in Washington focused on tax reform, let's not forget that there is a hard deadline approaching to address funding of federal activities with the current continuing resolution (CR)...

United StatesImmigration
Alexander Hecht
Alexander Hecht
R. Neal Martin
R. Neal Martin
Douglas Hauer
Douglas Hauer
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With all eyes in Washington focused on tax reform, let's not forget that there is a hard deadline approaching to address funding of federal activities with the current continuing resolution (CR) set to expire soon. The CR has been in effect since the start of the current fiscal year on October 1 and runs through December 8. This CR is the current vehicle for extension of the EB-5 Immigrant Investor Program, and is a temporary measure.

Senator Grassley (R-IA) and Representative Bob Goodlatte (R-VA), Chairs of the Senate and House Judiciary Committees, have developed a framework to reform and reauthorize the EB-5 program. So far, this proposal is the result of GOP-only discussions – with key players also including Senators Cornyn (R-TX) and Flake (R-AZ). One aspect of the proposal that is of concern to EB-5 projects in rural areas is a $100,000 difference in investment amounts between targeted employment areas (TEAs) and high employment areas. The proposed framework has

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