EB5 Being Pushed For Permanency
EB5 was never intended to be permanent however several key associations are pushing for EB5 to be permanent.
EB5 has been considered a pilot program since it took effect in 1993, and the law has always had a sunset date when it would expire. It has remained available to developers thanks to numerous extensions of the sunset date that Congress has continued to pass to keep EB-5 alive.
The last extension, approved in 2009, set a sunset date of Sept. 30, 2012.
The EB-5 foreign-investor program will outlive that sunset date if a national association has anything to say about it.
The Association to Invest in USA is lobbying Congress to approve a law removing all sunset dates and make EB-5 a permanent program. Sen. Patrick Leahy (D-Vermont) is expected to introduce a bill soon that would eliminate the sunset date and make other revisions to the EB-5 program, said Peter Joseph, executive director of the association.
“We believe very much so that this is a piece of the solution of our 21st century economic policy,” Joseph said of the EB-5 program.
The association is a Chicago-based group organized to bolster the EB-5 program. It has 114 members, including the Metropolitan Milwaukee Association of Commerce, which paved the way for EB-5 to be used on projects in southeast Wisconsin.