UPDATE: Spending Bill, EB-5 Regional Center Program Extension Passes House of Representatives
With funding for the U.S. government - and the EB-5 Regional Center Program - expiring on Friday, the U.S. House of Representatives has just voted 256-167 in favor the the $1.3 trillion spending package which, among many other things, would extend the EB-5 Regional Center Program in its current form through Sept. 30, 2018.
Next, the bill goes to the U.S. Senate, where it requires a 100% approval to be brought up for a vote. Last month, Kentucky Republican Sen. Rand Paul, who is very opposed to increased government spending, used his sole negative vote and forced a brief shutdown of the government; no one is certain whether he or anyone else will do the same this time around. What is clear is that no one has had time to read all 2000+ pages of the bill in the very brief time they've had it in hand.
If the Senate follows the House and the bill is passed there, the White House has indicated that President Trump will sign the bill into law, ensuring government funding and the continuation of the EB-5 Regional Center Program as it is today, with the $500,000 investment threshold for projects in rural and Targeted Employment Areas ("TEAs")
Stay tuned and please contact AVS Miami or AVS Vietnam if you have any questions.
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