Updated Free National EB-5 TEA Map Now Available with CY 2015 Employment Data
Calendar Year 2015 (CY 2015) unemployment data has just been released by the Bureau of Labor Statistics. We realize how important having access to the most current TEA information is to the industry, and so our team has worked through the night to get our National EB-5 TEA Map immediately updated with this new CY 2015 data.
View our Free National TEA Map Now Updated with CY 2015 Data to see if your project now qualifies or remains qualified as a TEA – – Updated Once Per Year on April 15th.
This calendar year data is released once annually in mid-April and is valid for the entire year. Some states have already begun using this new data to issue TEA letters, and those states that have not will begin to do so within the next several months.
Why is current TEA data important for EB-5 projects?
TEA qualification for a specific project site can and often does change year to year, and so there is no guarantee that a project site currently located in a TEA will still qualify as a TEA in the future.
When filing an EB-5 investor’s I-526 Petition, we highly recommend that the official TEA letter reference the most current data that the state is using. Ideally, the TEA letter should be current at both the time of the EB-5 capital investment into the project and when the individual investor’s I-526 Petition is physically submitted to USCIS.
Investor I-526 Petitions filed with outdated TEA letters (using data from a non-current year) will almost certainly lead to RFEs or investor denials from USCIS.
In a 2014 stakeholder call, USCIS specifically discussed outdated TEA letters as a critical issue that results in I-526 Petitions receiving RFEs or denials. Thus, projects must ensure that they have a current TEA letter available for any new investor I-526 filings or I-924 exemplar project filings.
When will states begin using CY 2015 TEA data?
Implementation varies by state, but most states are either already using the new data or will be using it within the next few months.
Almost all states, including California, Florida, New York, and Texas, refresh their TEA datasets every 12 months. Typically, TEA datasets are updated annually by state when the new calendar year data is released by the Bureau of Labor Statistics.
Also, most states use a census-share methodology for TEA determinations. This methodology requires a complex integration of data from multiple databases.
But don’t worry, we have already completed this integration for you on our Free National EB-5 TEA Map.
How can I determine what data a state is using?
The best way to determine what calendar year data is currently being used by a given state is to call or e-mail the appropriate EB-5 state agency. The office will inform you of their data’s calendar year and, if not current, when the current calendar year’s data will go into use. To determine who to contact to request an official TEA letter please reference our list of specific EB-5 state agencies designated to issue official TEA letters.
As much as possible, project developers should take into account the timing of the relevant state’s changeover to the new data as well as the expected timing of new investor I-526 filings. Project developers should try to plan in such a way that potential immigration and project risk is minimized for investors.
Of course, at this point, no one knows exactly what TEA changes may happen in the future, but we will keep our readers updated with the latest information as it becomes available.