The road to extending the EB-5 program has been a long and winding, not to mention occasionally rocky one, but an end is finally in sight.
The measure will either be extended under a Continuing Resolution on Friday, when spending authority expires. Or, in the unlikely event that Congress does finish its business by Dec. 11 (Speaker of the House Paul Ryan says Congress will need some more time) the EB-5 measure will be part of the Omnibus spending package.
Either way it is passing.
The first question that comes to mind, of course, 'what does it say?' The second is, 'how do you know?' Let's start with question No. 2.
Amending a Draft
Last month Congress circulated a draft document on the legislation that disappointed many in the industry and generated a number of comments to Congress, Jim Butler, partner and chairman of the Chinese Investment Group atJeffer Mangels Butler & Mitchell LLP in Los Angeles told GlobeSt.com.
The Washington DC association formed to advocate for EB-5, IIUSA, or Invest In The USA, spearheaded the comments and presented a markup to Congress of its initial draft, Butler said.
That led to a new draft, one to which all of the relevant parties have agreed, barring a last minute crisis, he said.
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