H.R. 4659 Supports EB-5 By Gregory Finkelson
On May 13, 2014, US Congressman Aaron Shock (R-IL) introduced a bill in the House of Representatives that, if passed, will further enhance the EB-5 program for both investors and Regional Centers, while potentially generating a stronger economy. The official name of the bill is H.R. 4659: The EB-5 Regional Center Extension Act of 2014.
The main features of the bill include:
- Replacing the limit on visa applications with a minimum number to be issued per year.
- Expanding the definition of indirect employment to satisfy the EB-5 job creation requirements.
- Giving Regional Center applicants priority consideration.
All of this, of course, bodes well. Govtrack.us estimates that the bill has a 9% chance of getting past committee and a 2% chance of being enacted. While those percentages seem low at first glance, only 11% of all bills introduced make it past committee and only 3% are ever enacted, so it is fair to say that there is a fair bit of optimism concerning passage.
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