Norman Oder · @AYReport
9th Dec 2015 from TwitLonger
Key change in latest version of #EB5 legislation bows to industry demand
@eliotwb
Currently immigrant investors can get job-creation credit based on the *entire* pot of money in the investment project, even if they put in only 10% or 20%, and even if the money comes from taxpayers.
The draft legislation issued this summer would have limited job credit to no more than 30% of all jobs created by non-EB-5 financing. See summary:
http://3.bp.blogspot.com/-lBmjwcGn5Js/VmiM1IDqizI/AAAAAAAAhaM/FmsnUIS0WJA/s1600/EB5LimitationEarlierDraft.jpg
Legislation: http://www.leahy.senate.gov/imo/media/doc/The%20American%20Job%20Creation%20and%20Investment%20Promotion%20Reform%20Act.pdf
The regional center trade group objected: http://www.prweb.com/releases/2015/11/prweb13077037.htm
So did others in the industry:
http://www.investmentlawblog.com/2015/06/18/eb-5-alert-senate-reauthorization-will-reduce-financing-for-u-s-construction-projects-by-changing-the-job-count-requirements/
They got their wish, as that provision is gone now:
http://www.leahy.senate.gov/imo/media/doc/MDM15J00.pdf