Keeping you in the loop.

Secretary of Administration Susanne Young Releases Vermont's Revenue Results for November 2019 (Dec. 2019)


On December 20, 2019, Secretary of Administration Susanne Young released revenue results for the State of Vermont for the month of November and the first five months of the State’s 2020 fiscal year.  Although receipts during the month of November under-performed versus expectations for the month, cumulative through November revenue receipts overall for the three major funds continue to track at or above consensus expectations. 

According to Secretary Young, monthly results in the General Fund ”...were affected by the timing of the Thanksgiving holiday break on the last business days of November and receipts from those two days will be reflected in December receipts. Year to date, General Fund revenues exceed their target by $10.29 million, or 1.73%...”

Receipts in the Transportation Fund and in the Education Fund performed well during the month of November.  Cumulative receipts in both funds were either “on-target” (in the Transportation Fund) or ahead of target (in the Education Fund).

Click the pdf below to read a copy of the Secretary’s press release.


BEA Releases Third Estimate of Third Quarter (Dec.2019)


Real gross domestic product(GDP) increased at an annual rate of 2.1 percent in the third quarter of 2019, according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.0percent.  In the second estimate, the increase in real GDP was also 2.1 percent. With the third estimate for the third quarter, upward revisions to personal consumption expenditures (PCE) and nonresidential fixed investment were offset by a downward revision to private inventory investment.

The acceleration in real GDP in the third quarter reflected a smaller decrease in private inventory investment and upturns in exports and residential fixed investment that were partly offset by decelerations in PCE, federal government spending, and state and local government spending, and a larger decrease in nonresidential fixed investment.  The increase in real GDP in the third quarter reflected positive contributions from PCE, federal government spending, residential investment, exports, and state and local government spending that were partly offset by negative contributions from nonresidential fixed investment and private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.

A copy of the release is found in the pdf below


Department of Homeland Security Regulations Lawsuit Con't (Dec. 2019)


Attached is a copy of EPR's Office of Managment and Budget (OMG) presentation on the EB-5 Program's national economic contribution study.  


Department of Homeland Security Regulations Lawsuit (Dec. 2019)


On November 26, 2019, a complaint for Injunctive Relief and a Temporary Restraining Order (“TRO”) was filed by Florida EB-5 Investments, LLC against the Department of Homeland Security (DHS) challenging a November 21, 2019, DHS-issued final rule amending its regulations for the EB-5 program (Case 1:19-cv-03573 FLORIDA EB5 INVESTMENTS, LLC v. WOLF et al).  As EB-5 stakeholders know, the new DHS Rule proposed significant increases in minimum investment levels, and a new targeted employment area (TEA) designation process that eliminates the input of the individual states in designating such areas in which investments are made.  The complaint alleges the new DHS rules: (1) were developed in violation of the Administrative Procedures Act (APA), (2) exceed DHS’s authority, and (3) violated the Tenth Amendment, among others. The complaint further alleges that the Rule’s changes impact the U.S. economy and were proposed without adequate studies or analysis of the new DHS rules’ expected impacts.  EPR’s EB-5 Program economic contribution study—completed in cooperation with IIUSA and the EB-5 Investment Coalition—was used in support of the case filing.

The following pdf is a copy of EPR's study



Listen to Jeff and Mona discuss the study as well as the implications of the EB-5 Regional Center Program reform discussion in Washington, DC: (Dec. 2019)


Jeff Carr was recently invited to participate on a podcast hosted by prominent EB-5 immigration attorney Mona Shah of Mona Shah & Associates Global (“MSA Global”) to discuss EPR’s newly released study on the economic impact of the EB-5 Regional Center Program’s capital investment activities during federal fiscal years 2014-15.  The study, developed through a collaboration of the EB-5 Investment Coalition (EB-5IC) and Invest in the USA (IIUSA), comes at a crucial time in the reform discussions regarding the EB-5 Regional Center Program.  The study found that capital investment under the regional center program resulted in significant and geographically broad-based economic impacts for the U.S. economy during the most recent period when the regional center program was operating near its unconstrained potential.  The study also shows the regional center program’s potential to support on-going economic growth across the U.S. economy, as long as the regional center program is allocated a sufficient number of Visas and without unreasonable restrictions on its economic development activities.


Client Resources

EPR has complied a list of valuable resources that benefit our clients. Read through our whitepapers and published articles to learn more about how our services can be of help.

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BEA Releases Third...

Technical Note: COVID-19 Impact on the First-Quarter 2021 GDP EstimateThe increase in first quarter GDP reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. In the first...

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