Regional Center Reauthorization Extension
It is highly likely Congress will pass an extension shortly before or after the regional center program expires on September 30, 2015.
- How long will the extension be for? The program will most likely be extended for 3 years; however, as the deadline approaches, the possibility of an extension for only 12 months or even 6 months increases.
- Which Bill S1501, HR 3370 or HR 616 will move? S1501, HR 3370,HR 616
1) Grassley-Leahy Senate Bill S1501, 2) Lofgren-Gutierrez Bill H.R.3370, and 3) Polis-Amodei Bill HR 616. The bill most likely to move will be a new one to be introduced by Rep. Daryl Issa with Rep. Bob Goodlatte’s support.
- What will be in the final bill?
No-one can be sure, but it is likely we will see an increase in the minimum investment amount to $800,000 for TEA/Rural investments and $1.2M for others. Some “integrity” measures are also likely to be included.
- Who will be grandfathered under prior old rules?
Most likely persons filing I-526 petitions before October 1, 2015 will be allowed to do so under the lower investment amount.
- Which projects will be grandfathered?
S1501 includes projects with approved or pending exemplars. The final bill should also include projects with approved or pending I-526 petitions but it is not clear it will.
- Will there be new rules for Targeted Employment Areas (TEAs)?
None of the proposals include a workable solution so it’s unlikely.
There appear to be two likely possibilities: there will be an extension for a few months with no changes, or there will be a 3-year extension with an increase in the minimum investment and some other integrity issues. These predictions are based on discussion and commentary only and do not constitute legal advice.
This post originally appeared on Wolfsdorf Immigration Law Group. Reprinted with permission.
Bernard Wolfsdorf is a recent past President of AILA and Managing Partner of the top-rated Wolfsdorf Rosenthal LLP with offices in Los Angeles and New York. With 21 lawyers and 60 professionals, the firm is known worldwide for its excellence in providing value and top-quality global immigration representation. Wolfsdorf Rosenthal LLP has been described by Chambers USA as "a force to be reckoned with."