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July 31, 2013 /PRNewswire/ -- The Invest in America Coalition today applauded Rep.
Kevin Brady (R-TX) and Rep.
Joseph Crowley (D-NY) for their leadership in supporting bipartisan reform to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA). The Congressmen held a press conference to introduce The Real Estate Investment and Jobs Act of 2013, and were accompanied by leaders from both businesses and labor unions, including
Jeff DeBoer, President and CEO of The Real Estate Roundtable;
Ken Rigmaiden, General President for The International Union of Painters and Allied Trades; and
John Zuccotti, Co-Chairman of Brookfield Properties Corporation.
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If enacted, the Real Estate Investment and Jobs Act, a companion to the Senate bill S. 1181, will reform an outdated portion of the U.S. tax code that discourages foreign investment in U.S. commercial real estate at a time when it is important to keep America's economic recovery moving forward.
"When the FIRPTA laws were passed 30 years ago, foreign institutions had few options if they wanted to invest in real estate outside their home countries," said
Jim Fetgatter, Chief Executive for the Association of Foreign Investors in Real Estate. "Today, investors have a wide range of opportunities as local barriers have been lifted and emerging markets have matured. The U.S. is now competing on a global scale for investment capital, and these reforms are necessary to help ensure the U.S. remains an attractive destination for commercial real estate investments."
Putting foreign investment on an equal tax footing with other asset classes will unlock billions of dollars in new, long term investable capital to flow into the U.S. commercial real estate market. In return, this capital will help jump-start credit markets, fund infrastructure projects, and create jobs and economic opportunities in industries dependent upon commercial real estate.