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
Multifamily Housing | May 19, 2016
Architect Jean Nouvel designs flood-resilient Monad Terrace in Miami Beach
A man-made lagoon with lush vegetation at the base of the complex is expected to adapt to climate change and rising sea levels.
Building Team Awards | May 19, 2016
Chinatown library unites and serves two emerging Chicago neighborhoods
The 16,000-sf, pebble-shaped Chinatown Branch Library was built at the intersection of new and old Chinatown neighborhoods. The goal is for the building to unite the communities and serve as a catalyst for the developing area.
Building Team Awards | May 19, 2016
NYC subway station lights the way for 300,000 riders a day
Fulton Center, which handles 85% of the riders coming to Lower Manhattan, is like no other station in the city’s vast underground transit web—and that’s a good thing.
Market Data | May 17, 2016
Modest growth for AIA’s Architecture Billings Index in April
The American Institute of Architects reported the April ABI score was 50.6, down from the mark of 51.9 in the previous month. This score still reflects an increase in design services.
Architects | May 16, 2016
AIA and HOK partner to advance Design and Health Research Consortium
The groups' key priority is to identify and develop practice-focused opportunities for funded research, publications, and tools in the area of design and public health.
Senior Living Design | May 16, 2016
Perkins Eastman releases white paper on biophilic design in senior living
The paper highlights some of the firm's top projects that feature biophilic design, a sustainable architecture strategy that connects people with nature.
Architects | May 16, 2016
3 strategies to creating environments that promote workplace engagement
VOA's Pablo Quintana writes that the industry is looking for ways to increase engagement through a mix of spaces suited to employees' desire for both privacy and connection.
Architects | May 11, 2016
AIA to create a resilience curriculum for architects
The program will teach resilient design and decision-making on hazard mitigation, climate adaptation and community resilience.
Retail Centers | May 10, 2016
5 factors guiding restaurant design
Restaurants are more than just places to eat. They are comprising town centers and playing into the future of brick-and-mortar retail.
AEC Tech | May 9, 2016
Is the nation’s grand tech boom really an innovation funk?
Despite popular belief, the country is not in a great age of technological and digital innovation, at least when compared to the last great innovation era (1870-1970).
