The EB-5 program is currently at risk of expiring Sept. 30, 2015. Congress needs to act immediately to reauthorize this program which has a proven record for stimulating the economy and creating hundreds of thousands of jobs. On March 23, 2015, Congressman Jared Polis (D-CO) released a statement explaining the merits of the EB-5 program and the reasons why this program should not be further delayed in partisan debate.
On Jan. 28, 2015, Congressmen Jared Polis and Mark Amodei (R-NV) introduced The American Entrepreneurship & Investment Act of 2015 [HR 616] in a push to permanently authorize the EB-5 Immigrant Investor program. The bill has received strong support from the real estate, business, and tourism industries, also evidenced by the EB-5 Coalition’s final letter supporting HR 616 released earlier this month. The legislation makes the following proposals:
- Improve the definition of Targeted Employment Areas (TEA);
- Eliminate country quotas;
- Alleviate processing backlogs and streamline processing times for I-924 and I-526 filings;
- Allow concurrent filing of Form I-526 and Form I-485;
- Require regional center compliance with federal securities law to deter fraud and abuse, FCPA application to EB-5 petitions;
- Remove spouses and children from the EB-5 cap;
- Codify TEA designation authority;
- Authorize the EB-5 Regional Center Program permanently;
- Enhance procedure for project preapprovals.
According to Congressman Polis, “The EB-5 visa program works. It is time for action to permanently authorize it and show the American people that even in the midst of partisan battles and rhetoric, people on both sides of the aisle can still spot and support a good idea.”