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
| Jan 6, 2012
Gensler unveils restoration and expansion of Houston's Julia Ideson building
The "new" building will serve as a repository of Houston memorabilia and rare archival material as well as the city's official reception space and a venue for exhibits, meetings and other special events.
| Jan 6, 2012
New Walgreen's represents an architectural departure
The structure's exterior is a major departure from the corporate image of a traditional Walgreens design.
| Jan 6, 2012
Summit Design+Build completes Park Place in Illinois
Summit was responsible for the complete gut and renovation of the former auto repair shop which required the partial demolition of the existing building, while maintaining the integrity of the original 100 year-old structure, and significant re-grading and landscaping of the site.
| Jan 4, 2012
Siemens acquires Pace Global Energy Services
Acquisition will enhance portfolio with new energy consulting and management services.
| Jan 4, 2012
Shawmut Design & Construction awarded dorm renovations at Brown University
Construction is scheduled to begin in June 2012, and will be completed by December 2012.
| Jan 4, 2012
Skanska acquires Industrial Contractors
Industrial Contractors Inc. is a contractor in the commercial, industrial and power markets of the Midwest. The company employs 2,400 people and in 2011 the revenues are estimated to be approximately $500 million.
| Jan 4, 2012
HDR to design North America’s first fully digital hospital
Humber River is the first hospital in North America to fully integrate and automate all of its processes; everything is done digitally.
| Jan 4, 2012
New LEED Silver complex provides space for education and research
The academic-style facility supports education/training and research functions, and contains classrooms, auditoriums, laboratories, administrative offices and library facilities, as well as spaces for operating highly sophisticated training equipment.
| Jan 3, 2012
Gilbane awarded $88M Contract for Ohio elementary school construction
The new award, which comprises the construction of five new elementary schools and demolition of 11 older facilities, is the latest K-12 building program managed by Gilbane for the Ohio School Facilities Commission since 1998.
| Jan 3, 2012
AIA's ABI November Index reaches 52.0
The Architecture Billings Index (ABI) reached its first positive mark since August.
