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 20, 2015
Four building material innovations from the Chicago Architecture Biennial
From lightweight wooden pallets to the largest lengths of CLT-slabs that can be shipped across North America
University Buildings | Oct 16, 2015
5 ways architecture defines the university brand
People gravitate to brands for many reasons. Campus architecture and landscape are fundamental influences on the college brand, writes Perkins+Will's David Damon.
Architects | Oct 13, 2015
Architects Foundation expands National Resilience Initiative
The group is launching a search for three more NRI members.
Architects | Oct 13, 2015
Santiago Calatrava wins the European Prize for Architecture
The award honors those who "forward the principles of European humanism."
Office Buildings | Oct 5, 2015
Renderings revealed for Apple's second 'spaceship': a curvy, lush office complex in Sunnyvale
The project has been dubbed as another “spaceship,” referencing the nickname for the loop-shaped Apple Campus under construction in Cupertino.
Airports | Oct 5, 2015
Perkins+Will selected to design Istanbul’s 'Airport City'
The mixed-use development will be adjacent to the Istanbul New Airport, which is currently under construction.
High-rise Construction | Oct 5, 2015
Zaha Hadid designs cylindrical office building with world’s tallest atrium
The 200-meter-high open space will cut the building in two.
Architects | Oct 2, 2015
Herzog & de Meuron unveils design for Vancouver Art Gallery expansion
The blocky, seven-story wood and concrete structure is wider in the middle and uppermost floors.
Airports | Sep 30, 2015
Takeoff! 5 ways high-flyin' airports are designing for rapid growth
Nimble designs, and technology that humanizes the passenger experience, are letting airports concentrate on providing service and generating revenue.
Contractors | Sep 30, 2015
FMI: Construction in place on track for sustained growth through 2016
FMI’s latest report singles out manufacturing, lodging, and office sectors as the drivers of nonresidential building activity and investment.
