24 Feb NEW Bill introduced to make EB-5 Program Permanent
On January 28, 2015, Congressmen Jared Polis (D-CO) and Mark Amodei (R-NV2) introduced a bi-partisan bill into the House of Representatives. The bill proposes to amend the Immigration and Nationality Act to make the EB-5 Immigrant Investor Program, scheduled to expire on September 30th of this year, permanent. Additionally, the bill includes suggestions to reform and improve the EB-5 program.
Lauren Cohen and Congressman Jared Polis at the 2015 EB-5 Conference in Las Vegas, NV, where she was a moderator and speaker.
There were several suggestions included in the bill, some of which are highlighted below:
- Targeted Employment Area (TEA) – At least 5,000 visas would be reserved for immigrants who invest in a New Commercial Enterprise (NCE) located in a TEA. A TEA is an area of high unemployment or a rural area that qualifies for the lower investment threshold of $500,000.
- State Determinations – The Secretary of Homeland Security should defer to TEA determinations made by a State agency, provided that such determinations use reliable data sources, i.e. the Bureau of Labor Statistics.
- Pre-Approval of NCEs – The Secretary of Homeland Security should implement a procedure for pre-approval of a Regional Center Project prior to an investor’s filing of an immigrant petition.
- Preventing Fraud in the Regional Center Program – An individual found criminally or civilly liable in a case involving fraud or deceit during the previous 5 years is ineligible to serve as a Regional Center principal. Furthermore, if the Secretary of Homeland Security finds that a person is likely to engage in certain unlawful activity as described in the bill, then s/he is similarly ineligible.
- Processing Times for EB-5 Petitions – Petitions would be adjudicated no later than 180 days after filing. If the petition does not meet applicable standards, then the petitioner should be notified no later than 30 days after filing. If the Secretary requests additional documentation, the petition should be adjudicated within 30 days of receipt of the requested information.
The Immigrant Investor Program has helped create jobs and stimulate the U.S. economy since its implementation. Accordingly, it is encouraging to see bipartisan House support for making this program permanent.
It is important to note that a bill must be passed by both the House and the Senate in identical form and then signed by the President in order for it to become law. The bill was referred to the Congressional committee on January 28, 2015, which will consider it before possibly sending it on to the House or Senate as a whole.
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