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 6, 2012
KPF designs tower for Yongsan IBD
The master plan, created by Studio Daniel Libeskind, is a dynamic urban environment containing contributions from 19 different architects practicing in diverse locations around the globe.
| Jun 6, 2012
SOM urges Chicago tenants to partner with landlords to cut energy use
Tenants can exceed building energy challenge targets recently announced by Mayor Emanuel.
| Jun 6, 2012
KLMK Group awarded contract with Parkland Health & Hospital System in Texas
KLMK will also provide planning guidance in all aspects of the project related to facility activation.
| Jun 5, 2012
Cannon Design joins forces with Peter Ellis New Cities
Peter Ellis will now lead Cannon Design's urban planning and city design practice in collaboration with the firm's executive leadership.
| Jun 5, 2012
Walker Parking opens office in Abu Dhabi
Walker has been in Abu Dhabi since May 2011 but in a temporary office suite.
| Jun 5, 2012
Glumac hires Drit Shoemaker as new director of business development
Shoemaker will research, connect, and forge new client relationships with architects, developers, owners and brokers while strengthening relationships with current clients.
| Jun 5, 2012
Hoffman Architects Arbuckle elected president of New York/Tri-State DOCOMOMO
As chapter president, Arbuckle will guide and oversee the organization's efforts on behalf of Modern buildings and sites, and he will act as the main spokesperson for the organization.
| Jun 4, 2012
Brownfield goes green
Chicago Center for Green Technology uses high-speed, energy-efficient hand dryers to share its green message and earn LEED credits.
| Jun 4, 2012
KBE Building and CTA Construction awarded Project of the Year from CMAA
Award given for work done on the renovation of Beverly High School in Beverly, Mass.
| Jun 4, 2012
Pressley promoted to Senior VP and CIO at Hill International
Pressley will be responsible for managing all of Hill's information technology systems and software worldwide.
