EB-5 Regional Center Program gets Extended (again) without Any Changes

SEC. 204. Section 610(b) of the Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1993 (8 U.S.C. 1153 note) shall be applied by substituting “September 30, 2018” for “September 30, 2015”

This language refers back to Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1993 (Public Law 102-395) Section 610 (PDF page 47), which established the regional center program. The 2018 Appropriations Act does not include the EB-5 Reform Act, or other EB-5 changes. It just extends the borrowed time until we get a good piece of EB-5 legislation.

EB-5 Regional Center Program Extension

USCIS administers the EB-5 program, created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. Under a program initially enacted as a pilot in 1992, and regularly reauthorized since then, investors may also qualify for EB-5 classification by investing through regional centers designated by USCIS based on proposals for promoting economic growth. On February 9, 2018, the President signed Public Law 115-123; extending the Regional Center Program through March 23, 2018.

U.S. SENATE MOVES TO EXTEND EB-5 PROGRAM AS IS

The Senate is moving forward with an extension of the EB-5 immigrant investor program as is and reforms to the program appear unlikely.

The provision to extend the program is included in the continuing resolution, a short-term budget bill that allows the government to keep running until early December.

EB-5 Provision Extended

A joint resolution in Congress has temporarily extended the EB-5 provision governing Regional Centers by granting funding of the program until December 16, 2015.