Senator Mike Rounds (R-ND), Chairman Lindsey Graham (R-SC) and Senator John Cornyn (R-Tx) introduced a comprehensive EB-5 bill on 11/5/2019 marked S. 2778 and called “Immigrant Investor Program Reform Act.” Many of the elements, for example the bill’s integrity measures, are refined versions from prior legislative efforts. Some are notably new. The bill calls for a 6-year reauthorization of the EB-5 program to September 30, 2025. The text is not yet published.
Top 4 highlights:
- $1 million for Targeted Employment Area (TEA) investment; $1.1 million for non-TEA investment
- 30% visa set aside (approximately 3,000) annually for TEAs, half of which would go to rural TEAs
- Parole relief for visa-backlogged investors
- Extensive oversight authority and integrity reform
Interplay with new EB-5 Modernization Regulations effective 11/21/2019? If enacted, the new law would supersede the regulations.
Big changes are afoot in EB-5.