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
| Jun 8, 2012
Living Building Challenge wins the 2012 Buckminster Fuller Challenge
The Living Building Challenge was chosen from a pool of 122 of entries from around the world.
| Jun 8, 2012
Nauset Construction completing sustainable dorm for Brooks School
Student input on green elements provides learning experience.
| Jun 8, 2012
Skyline Construction names Millitello president
Millitello is a 31-year veteran who has overseen the construction of campus-size projects.
| Jun 8, 2012
Thornton Tomasetti/Fore Solutions provides consulting for renovation at Tufts School of Dental Medicine
Project receives LEED Gold certification.
| Jun 8, 2012
Allsteel names Kris Yates to head architectural products group
Yates is responsible for the start up, launch and ongoing sales and marketing of Allsteel’s new Beyond movable walls.
| Jun 8, 2012
Chestnut Hill College dedicates Jack and Rosemary Murphy Gulati complex
Casaccio Yu Architects designed the 11,300-sf fitness and social complex.
| Jun 7, 2012
Waterline exhibition displays visions for re-thinking the Chicago River
The designs of Waterline showcase why the Chicago River should once again be considered the city’s most important asset and sets the stage for increased awareness, education and reinvention of the River.
| Jun 7, 2012
WDMA and FMA to affiliate and integrate operations
Over the coming months both organizations will begin the process of formalizing the details of the agreement for final approval by both organizations, with the formal change expected to take effect in January 2015.
| Jun 7, 2012
Craig joins Cannon Design as associate principal
Craig will work closely with the firm's Corporate/Commercial Interiors leadership to help facilitate initiatives that strengthen awareness around workplace innovation and offer counsel on strategic workplace decisions.
| Jun 7, 2012
Stantec publishes 2011 corporate Sustainability Report
Stantec's fifth annual Sustainability Report was prepared in accordance with the internationally recognized G3.1 Sustainability Reporting Guidelines, developed by the Global Reporting Initiative.
