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
Sponsored | | Jul 17, 2014
A major hop forward
The construction of efficient metal buildings has helped Perrault Farms expand its hops-harvesting business.
| Jul 17, 2014
22 land questions to decide if your build site works
When you’re ready to build, land needs a serious amount of attention. Since it can singlehandedly shift your building plans, land must be investigated, questioned, and eyed from every angle. SPONSORED CONTENT
| Jul 16, 2014
Mergers and acquisitions of AE firms on track for strong year in 2014
Through the first six months of 2014, Morrissey Goodale tracked 101 sales of U.S.-based architecture and engineering firms, roughly the same amount as during the first six months of 2013.
| Jul 16, 2014
Ware Malcomb announces New Jersey office expansion
Architecture and design firm also honored for commercial real estate projects in New Jersey.
| Jul 16, 2014
Learning design fundamentals in the digital age – How to balance learning and technology
My colleague and I were once asked an insightful question by a Civil Engineering Professor that sparked an interesting conversation. He’d been told about our software by some of his students who had used it during their summer internship. SPONSORED CONTENT
| Jul 16, 2014
Check out this tree-like skyscraper concept for vertical farming
Aprilli Design Studio has stepped forward with a new idea for a vertical farm, which is intended to resemble a giant tree. It uses lightweight decks as outdoor growing space, adding up to about 25 acres of space.
| Jul 16, 2014
User input on aquatics center keeps students in the swim [2014 Building Team Awards]
Collaborative spirit abounds in the expansion and renovation of a high school pool facility in suburban Chicago.
| Jul 16, 2014
Nonresidential construction starts up 34% in June
Construction starts for nonresidential work saw a surge in June, rising more than a third compared with the previous month, according to Reed Construction Data.
| Jul 16, 2014
ASHRAE, IAQA team up to improve resources on indoor air quality
Indoor Air Quality Association will become part of the ASHRAE organization while maintaining its own brand and board; HQ will relocate to Atlanta.
| Jul 15, 2014
Michael Graves talks with Washington Post about new design eye from life in a wheelchair
Celebrated American architect Michael Graves sits with the Washington Post to talk about how being on a wheelchair changed the way he focuses on design.
