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
| Dec 8, 2011
Keast & Hood Co. part of Statue of Liberty renovation team
Keast & Hood Co., is the structural engineer-of-record for the year-long $27.25 million renovation of the Statue of Liberty.
| Dec 8, 2011
HDR opens office in Shanghai
The office, located in the Chong Hing Finance Center in Shanghai’s busy Huangpu District, will support HDR’s design efforts throughout Asia.
| Dec 8, 2011
HOK elevates the green office standard
Firm achieves LEED Platinum certification in New York office that overlooks Bryant Park.
| Dec 7, 2011
ACE Mentor Program receives Presidential Award for Excellence in Science, Math and Engineering Mentoring
Thornton Tomasetti founding principal Charles H. Thornton responsible for launching ACE.
| Dec 7, 2011
NSF International qualifies first wallcoverings distributor to the New American National Standard for Sustainable Wallcoverings
TRI-KES demonstrates leadership in environmental stewardship as the first distributor to earn qualification.
| Dec 7, 2011
DPR Foundation awards $590,000 to youth organizations
Grants will fund programs for disadvantaged kids across six states.
| Dec 7, 2011
Autodesk agrees to acquire Horizontal Systems
Acquisition extends and accelerates cloud-based BIM solutions for collaboration, data, and lifecycle management.
| Dec 7, 2011
ICS Builders and BKSK Architects complete St. Hilda’s House in Manhattan
The facility's design highlights the inherent link between environmental consciousness and religious reverence.
| Dec 6, 2011
Construction industry leaders gather for forum on diversity
Declared a “groundbreaking” event for the industry, Gilbane’s First Annual National Partners Council Forum addressed diversity and inclusion as well as building partnerships with minority, veteran, and women-owned businesses.
