The recently unveiled bipartisan âInvest in America Actâ 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 âForeign Investment in Real Property Tax Actâ (FIRPTA). First enacted in 1980, FIRPTA is a tax that âdeflects global capital from U.S. cities and towns by imposing a capital gains tax on global investors that finance any U.S. real property,â according to an AIA news release.
The law âgreatly inhibits state and local leaders from partnering with global investorsâin addition to leveraging domestic partnersâto improve their communities, including renovating aging buildings; constructing roads, bridges, tunnels, hospitals and airports; developing affordable housing; and utilizing new Opportunity Zones,â the release says.
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