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
AEC Tech Innovation | Oct 8, 2024
New ABC technology report examines how AI can enhance efficiency, innovation
The latest annual technology report from Associated Builders and Contractors delves into how artificial intelligence can enhance efficiency and innovation in the construction sector. The report includes a resource guide, a case study, insight papers, and an essay concerning applied uses for AI planning, development, and execution.
Healthcare Facilities | Oct 8, 2024
Herzog & de Meuron completes Switzerland’s largest children’s hospital
The new University Children’s Hospital Zurich features 114 rooftop patient rooms designed like wooden cottages with their own roofs. The project also includes a research and teaching facility.
Mixed-Use | Oct 7, 2024
New mixed-use tower by Studio Gang completes first phase of San Francisco waterfront redevelopment
Construction was recently completed on Verde, a new mixed-use tower along the San Francisco waterfront, marking the end of the first phase of the Mission Rock development. Verde is the fourth and final building of phase one of the 28-acre project that will be constructed in several phases guided by design principles developed by a design cohort led by Studio Gang.
Brick and Masonry | Oct 7, 2024
A journey through masonry reclad litigation
This blog post by Walter P Moore's Mallory Buckley, RRO, PE, BECxP + CxA+BE, and Bob Hancock, MBA, JD, of Munsch Hardt Kopf & Harr PC, explains the importance of documentation, correspondence between parties, and supporting the claims for a Plaintiff-party, while facilitating continuous use of the facility, on construction litigation projects.
Glass and Glazing | Oct 7, 2024
Pattern language: An exploration of digital printing on architectural glazing
Architectural Glazing has long been an important expressive tool which, when selected and detailed thoughtfully, can contribute to the successful transformation of architectural concepts to reality.
University Buildings | Oct 4, 2024
Renovations are raising higher education campuses to modern standards
AEC higher ed Giants report working on a variety of building types, from performing arts centers and libraries to business schools. Hybrid learning is seemingly here to stay. And where possible, these projects address wellness and mental health concerns.
AEC Tech | Oct 3, 2024
4 ways AI impacts building design beyond dramatic imagery
Kristen Forward, Design Technology Futures Leader, NBBJ, shows four ways the firm is using AI to generate value for its clients.
Laboratories | Oct 2, 2024
Trends in scientific research environments: Q&A with Flad's Matt McCord
As part of an ongoing series, Matt McCord, AIA, NCARB, LEED AP BD+C, Associate Principal with Flad Architects, discusses the future of the scientific workplace.
Museums | Oct 1, 2024
UT Dallas opens Morphosis-designed Crow Museum of Asian Art
In Richardson, Tex., the University of Texas at Dallas has opened a second location for the Crow Museum of Asian Art—the first of multiple buildings that will be part of a 12-acre cultural district. When completed, the arts and performance complex, called the Edith and Peter O’Donnell Jr. Athenaeum, will include two museums, a performance hall and music building, a grand plaza, and a dedicated parking structure on the Richardson campus.
Data Centers | Oct 1, 2024
10 biggest impacts to the data center market in 2024–2025
While AI sends the data center market into the stratosphere, the sector’s accelerated growth remains impacted by speed-to-market demands, supply chain issues, and design innovation necessities.
