The recently unveiled bipartisan “Invest in America Act” would attract as much as $125 billion in global investment in aging buildings and crumbling infrastructure in the U.S., according to supporters of the federal legislation.
The bill is supported by The American Institute of Architects (AIA) and The Real Estate Roundtable (RER). It could create as many as 284,000 American jobs, sponsors say.
The legislation would repeal the “Foreign Investment in Real Property Tax Act” (FIRPTA). First enacted in 1980, FIRPTA is a tax that “deflects global capital from U.S. cities and towns by imposing a capital gains tax on global investors that finance any U.S. real property,” according to an AIA news release.
The law “greatly inhibits state and local leaders from partnering with global investors—in addition to leveraging domestic partners—to improve their communities, including renovating aging buildings; constructing roads, bridges, tunnels, hospitals and airports; developing affordable housing; and utilizing new Opportunity Zones,” the release says.
Related Stories
Giants 400 | Oct 24, 2019
Top 125 Retail Architecture Firms for 2019
CallisonRTKL, Gensler, MG2, NELSON, and Stantec top the rankings of the nation's largest retail sector architecture and architecture engineering (AE) firms, as reported in Building Design+Construction's 2019 Giants 300 Report.
Architects | Oct 11, 2019
SMPS report tracks how AEC firms are utilizing marketing technology tools
With thousands of MarTech tools and apps on the market, design and construction firms are struggling to keep up.
Healthcare Facilities | Oct 4, 2019
Heart failure clinics are keeping more patients out of emergency rooms
An example of this building trend recently opened at Beaumont Hospital near Ann Arbor, Mich.
Giants 400 | Oct 3, 2019
Top 30 Convention Center Sector Architecture Firms for 2019
LMN Architects, Gensler, Populous, Fentress Architects, and Moody Nolan top the rankings of the nation's largest convention center sector architecture and architecture engineering (AE) firms, as reported in Building Design+Construction's 2019 Giants 300 Report.
Giants 400 | Oct 3, 2019
Top 110 Cultural Sector Architecture Firms for 2019
Gensler, Populous, DLR Group, Stantec, and Perkins and Will top the rankings of the nation's largest cultural facility sector architecture and architecture engineering (AE) firms, as reported in Building Design+Construction's 2019 Giants 300 Report.
Giants 400 | Oct 3, 2019
2019 Cultural Facility Giants Report: New libraries are all about community
The future of libraries is less about being quiet and more about hands-on learning and face-to-face interactions. This and more cultural sector trends from BD+C's 2019 Giants 300 Report.
Architects | Oct 3, 2019
LEO A DALY wins Architect of the Capitol contract
The firm will help modernize some of the country’s most significant public buildings.
3D Printing | Sep 17, 2019
Additive manufacturing goes mainstream in the industrial sector
More manufacturers now include this production process in their factories.
Multifamily Housing | Sep 12, 2019
Meet the masters of offsite construction
Prescient combines 5D software, clever engineering, and advanced robotics to create prefabricated assemblies for apartment buildings and student housing.
Cultural Facilities | Sep 11, 2019
The Kennedy Center expands for the first time since its 1971 debut
The REACH, with three pavilions on a generous lawn, adds openness and light to this performance space.
