As reported by Ballard Spahr in previous Alerts, many members of Congress have proposed and considered several reform measures to the U.S. Immigrant Investor Program, known as "EB-5," over the past several years. With the sunset of the EB-5 Program looming, House Appropriations Chair Rodney Frelinghuysen introduced a short-term Continuing Resolution (CR) on April 26, 2017, to continue funding federal programs and services until May 5, 2017, including the EB-5 Program.

The CR would continue funding for legislation enacted in fiscal year 2016 Appropriations legislation. Today, the House Appropriations Committee released the fiscal year 2017 Omnibus Appropriations bill to provide discretionary funding for the federal government for the current fiscal year. The Comprehensive Government Funding Bill includes a sentence that would extend the EB-5 Program to September 30, 2017, without change, if passed. (The final paragraph of Page 734 substitutes "September 30, 2017" in place of "September 30, 2015.") It remains possible that Congress could pass EB-5 legislation before September 30, 2017, in view of the numerous bills introduced this year, as previously reported by Ballard Spahr. We will issue additional Alerts as developments occur.

Ballard Spahr's EB-5 Group brings together attorneys experienced in securities, private equity, business and finance, investment management, real estate, tax credits, and corporate law to assist clients in utilizing the EB-5 Program to accomplish their goals. The EB-5 Program has led to nearly $15 billion of foreign investment in the United States and more than 220,000 jobs.

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This alert is a periodic publication of Ballard Spahr LLP and is intended to notify recipients of new developments in the law. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have.