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
Architects | Oct 13, 2016
Dallas architects recognized at 2016 AIA Dallas Built Design Awards
Six Texas-based projects lauded for design excellence.
Architects | Oct 11, 2016
A good imagination and a pile of junk: How maker culture is influencing the way AEC firms solve problems
“Fail” is no longer a dirty four-letter word: for maker culture, it has become a crucial stop along the way
Architects | Oct 4, 2016
Video blog: How to future-proof your workplace
Larry Lander, a Principal with PDR and a registered architect, discusses how modularity can improve a workplace for the business and the individual.
Architects | Sep 30, 2016
Ugly soviet parking garage takes on appearance of a cascading waterfall
Architect Ignas Lukaskas worked in conjunction with Vieta and the Vilnius Street Art festival to transform the building.
Architects | Sep 30, 2016
HOK partners with Delos to accredit its designers as wellness professionals
They are also working on the first WELL-certified city district, in Tampa, Fla.
Architects | Sep 29, 2016
Join Adrian Smith + Gordon Gill Architecture’s partners Adrian Smith, Gordon Gill, and Robert Forest for “AS+GG At Ten”
The event is a presentation of their work spanning the past 10 years.
Architects | Sep 29, 2016
Design culture in Dubai draws increased international attention
Innovation and sustainability drive an increasingly global design culture in Dubai.
Architects | Sep 29, 2016
Space architecture is making the leap from science fiction to reality
3D printed domes and inflatable living spaces are just some of the ideas for how to create habitable spaces on Martian planets.
Reconstruction & Renovation | Sep 28, 2016
Architecture conservation efforts begin at Salk Institute of Biological Studies
Getty-led research and funding leads to important site repairs and long-term conservation management planning.
| Sep 26, 2016
RELIGIOUS FACILITY GIANTS: A ranking of the nation’s top religious sector design and construction firms
Gensler, Leo A Daly, Brasfield & Gorrie, Layton Construction, and AECOM top Building Design+Construction’s annual ranking of the nation’s largest religious facility AEC firms, as reported in the 2016 Giants 300 Report.
