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 19, 2011
Summit Design+Build selected as GC for Chicago recon project
The 130,000 square foot building is being completely renovated.
| Dec 19, 2011
USGBC welcomes new board directors?
Board responsible for articulating and upholding the vision, values, mission of organization.
| Dec 19, 2011
Davis Construction breaks ground on new NIAID property
The new offices will total 490,998 square feet in a 10-story building with two wings of 25,000 square feet each.
| Dec 19, 2011
Survey: Job growth driving demand for office and industrial real estate in Southern California
Annual USC Lusk Center for Real Estate forecast reveals signs of slow market recovery.
| Dec 16, 2011
Goody Clancy-designed Informatics Building dedicated at Northern Kentucky University
The sustainable building solution, built for approximately $255-sf, features innovative materials and intelligent building systems that align with the mission of integration and collaboration.
| Dec 16, 2011
Stalco Construction converts Babylon, N.Y. Town Hall into history museum
The project converted the landmark structure listed on the National Register of Historic Places into the Town of Babylon History Museum at Old Town Hall.
| Dec 14, 2011
Belfer Research Building tops out in New York
Hundreds of construction trades people celebrate reaching the top of concrete structure for facility that will accelerate treatments and cures at world-renowned institution.
| Dec 14, 2011
Tyler Junior College and Sika Sarnafil team up to save energy
Tyler Junior College wanted a roofing system that wouldn’t need any attention for a long time.
| Dec 13, 2011
Lutron’s Commercial Experience Center awarded LEED Gold
LEED certification of the Lutron facility was based on a number of green design and construction features that positively impact the project itself and the broader community. These features include: optimization of energy performance through the use of lighting power, lighting controls and HVAC, plus the use of daylight.