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 | Jun 22, 2015
NCARB adopts alternative for certification of foreign architects
The change, effective July 1, 2016, will replace the current BEFA Program’s requirements, eliminating the committee dossier review and the need to document seven years of credentialed practice in a foreign country.
BIM and Information Technology | Jun 21, 2015
11 tips for mastering 3D printing in the AEC world
Early adopters provide first-hand advice on the trials and tribulations of marrying 3D printing with the science of building technology.
Events Facilities | Jun 19, 2015
4 ways convention centers are revamping for the 21st century
Today's convention centers require more flexible spaces, the ability to blend virtual and in-person events, and meaningful sustainability, writes Skanska's Tom Tingle.
Engineers | Jun 18, 2015
Architecture and engineering profit margins deliver third consecutive year of growth
Operating profits of AE firms have reach their highest level since 2009, according to a new report by PSMJ Resources.
Architects | Jun 17, 2015
Starchitects' napkin sketches raise thousands for San Diego’s AIAS chapter
Prominent architects who submitted a total of 23 napkin doodles were Zaha Hadid, Cesar Pelli, Robert Venturi, Massimiliano Fuksas, Thom Mayne, and Bjarke Ingels.
BIM and Information Technology | Jun 16, 2015
What’s next for 3D printing in design and construction?
The 3D printer industry keeps making strides in technology and affordability. Machines can now print with all sorts of powderized materials, from concrete to chocolate.
Office Buildings | Jun 12, 2015
Houston's energy sector keeps office construction humming
Colliers International projects continued expansion this year in its quarterly report on national office market.
Smart Buildings | Jun 11, 2015
Google launches company to improve city living
The search engine giant is yet again diversifying its products. Google has co-created a startup, called Sidewalk Labs, that will focus on “developing innovative technologies to improve cities.”
Office Buildings | Jun 11, 2015
Pop-up tree-office opens in London borough of Hackney
London's Hackney borough welcomed a new kind of workspace to Hoxton Square—the TreexOffice.
Cultural Facilities | Jun 10, 2015
Artists turn oil tankers into architecture
Four Dutch artists propose transforming tankers into monuments with mixed-use space.
