Potential Revision of NAICS Code Could Have Impact On EB-5 Regional Center Program

06.11.14 | Archived

NAICS Code RevisionA federal register notice was published on May 22, 2014 soliciting proposals for changes to the structure and content of the North American Industry Classification System (NAICS) for inclusion in a potential 2017 revision. According to the Bureau of Labor Statistics (BLS) website, “NAICS uses a production-oriented conceptual framework to group establishments into industries based on the activity in which they are primarily engaged.” A full list of the NAICS code system can be found on the U.S. Census Bureau website.

If you wish to review the notice or propose a change for NAICS, please see the federal register notice for details.

Additional information on NAICS at BLS can be found on the Bureau of Labor Statistics website along with information on identifying and classifying factoryless goods producers (FGPs).

To ensure consideration of your comments or proposals related to the potential revision of NAICS for 2017 as detailed in the federal register notice, comments must be received no later than July 21, 2014.

NAICS Code & the EB-5 Regional Center Program

Each Regional Center is approved for “a limited geographic area” and “defined economic zones” (see Public Law 107-273). Within economic zones, Regional Centers conduct economic activities that  may be categorized by NAICS Codes. Additionally, the I-924 Form directs applicants to “Identify each industry that has or will be the focus of EB-5 capital investments sponsored through the Regional Center” by filling in the “NAICS Code for the Industry Category.”