Yesterday, Congress introduced a bill for another continuing resolution (CR) that will extend federal government funding through April 28, 2017. Included in the CR is a short-term reauthorization of the EB-5 Regional Center Program for the duration of the CR, avoiding a lapse to the Program which otherwise faces a sunset date of December 9th.
The CR, which is expected to be passed today, will conclude the legislative session for the 114th Congress. The 115th Congress will commence on January 3rd when negotiations to secure long-term reauthorization and reform to the EB-5 Program will resume. EB-5 stakeholders and congressional offices have engaged in meaningful discussions all year, particularly over the past few months, to reach consensus and compromise for the healthy future of the Program. With a tight deadline to fund the federal government and address other pressing legislative issues, there was simply not enough time for a reform package to be passed during this Congress. The short-term extension through April 28 will ensure that the industry and legislators will have the opportunity to agree upon a comprehensive reauthorization bill that provides necessary reforms to the Program while allowing the Program to continue to grow, thrive and endure in the long term.
IIUSA would like to thank its members for their continued support through this process as we advocate for a Program that attracts billions of dollars in investment and creates tens of thousands of American jobs at no cost to the U.S. taxpayer.
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