EB-5 Immigrant Investor Program: Following Extension, Next Decision Looms
As part of the two-week spending bill that avoids a government shutdown, the Immigrant Investor Program known as EB-5 is extended unchanged through Dec. 22. Without much buzz on Capitol Hill to suggest the imminent release of a comprehensive EB-5 reform bill by Congress, another short-term continuing resolution into early 2018 is expected.
Created by Congress in 1990, the EB-5 program has quickly emerged as an important economic development tool that has successfully stimulated U.S. job creation by attracting foreign direct investment in the United States. The program has led to nearly $22 billion of foreign investment into U.S. job-creating projects in the past 10 years alone. Had Congress not extended the program, it would have expired on Dec. 8.
To avoid a government shutdown, the House passed the Continuing Appropriations Act, H.J. Res. 123 (Pub.L. 115-90) last Friday, Dec. 8, by a 235-193 vote, and the Senate passed it with an 81-14 vote. Later in the day, President Trump signed H.J. Res. 123 to provide Fiscal Year 2018 appropriations to fund the federal government through Dec. 22, 2017. The EB-5 Program extension was effective with passage of the bill.