Both the U.S. House of Representatives and Senate have passed S. 3245, which extends the EB”“5 Regional Center program for three years. EB-5 Regional Centers identify businesses and development opportunities that meet a community’s investment needs and allow foreign investors to channel funds to those opportunities. In return for investing and creating American jobs, these investors earn visas to live in the United States. Over the last few years, this program has been increasingly used in conjunction with the New Markets Tax Credit (NMTC) program. This bill was sponsored by Senator Patrick Leahy (D-VT) and has eight co-sponsors including Sens. Chuck Grassley (R-IA), Susan Collins (R-ME), Kent Conrad (D-ND), Orrin Hatch (R-UT), Herb Kohl (D-WI), Mike Lee (R-UT), Marco Rubio (R-FL), and Chuck Schumer (D-NY). The bill has been sent to the present’s desk where it will likely be signed into law.
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