With the EB-5 Program set to expire in September of this year, Congressman Mark Amodei (R-Nevada) recognizes the tremendous economic benefit and opportunity that the EB-5 program (or immigrant investor category) has to our nation’s future. Amodei and Colorado Congressman, Jared Polis introduced legislation earlier this year to make the EB-5 Program permanent and allow for job creation though foreign capital investment. The bill titled American Entrepreneurship and Investment Act of 2015, would address Target Employment Areas, transparency and streamline the program’s processing times.
These changes within the EB-5 Program directly impact the future operation of the Nevada State EB-5 (NVEB-5), located in Carson City, which depends on the specifics of the bill’s architecture as well as its successful passage.
Lynn Beteag, Administrator for NVEB-5 had this to say about the proposed changes to the EB-5 Program, ”Our main concern is how the proposed changes to the EB-5 program will hinder or assist companies who are requiring additional capital to build or expand their businesses into Northern Nevada. Like other Regional Centers in the U.S. we are waiting for Congress to support legislation to improve and continue the EB-5 Program”.
Las Vegas Business Press recently published the following article highlighting Congressman Amodei’s comments on the issue.
The SLS hotel-casino is the largest local project to benefit from EB-5 financing, according to Michael Vannozzi. The SLS employs 2,700. (David Becker/Las Vegas Review-Journal)
The front entrance to the SLS hotel-casino is seen on Tuesday, June 23, 2015, in Las Vegas. According to an SEC filing, the hotel-casino lost $35.3 million in the first quarter of this year. (David Becker/Las Vegas Review-Journal)