Stopgap Spending Bill Ends Second Federal Government Shutdown in Less than a Month

A brief federal government shutdown ended this morning as the House and the Senate passed a Continuing Resolution (the “CR”) which provides a bipartisan budget bill that raises spending caps for two years and funds the federal government through March 23, 2018.  The President signed the bill this morning.  This new short-term extension has the effect of extending the EB-5 Regional Center Program in its existing form, meaning individual investors may continue to file I-526 petitions until this date.

It is still highly probable that the Federal government’s Office of Management and Budget (“OMB”) will roll out new EB-5 regulations in the near future or that Congress will present legislation regarding the EB-5 Regional Center Program.  As we have expressed previously, it is highly likely that the minimum investment amounts in place will be increased as a result of these changes.  Now is the time for any interested investor to seriously consider filing EB-5 applications (Form I-526) as soon as possible under the current EB-5 rules.

The Bipartisan Budget Act of 2018 also lifts defense sequestration caps, increases both defense and domestic spending through 2020 and contains $89 billion in disaster relief aid for Puerto Rico, the U.S. Virgin Islands, Texas and Florida.

The Cozen O’Connor EB-5 team will continue to follow any proposed legislation affecting the EB-5 Regional Center Program in the weeks to come.

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About ABCs of Immigration Law
The global economy has become increasingly transactional and transcontinental. Since 9/11, there have been many amendments to immigration laws in the United States that have largely affected both individuals and businesses. Cozen O'Connor's immigration law blog, ABC's of Immigration Law, focuses on the interests and the challenges faced by those individuals and business impacted by immigration laws.
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