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ADISA Supports Legislative Bill to Reform FIRPTA

Feb 12, 2015

The U.S. Senate Finance Committee passed the proposed legislation on Wednesday, Feb. 11.
 
ADISA (Alternative & Direct Investment Securities Association, f/k/a REISA) has joined a coalition of 16 leading real estate trade associations to support a bill offered by Senator Robert Menendez (D-N.J.) and Senator Michael Enzi (R-Wy.) to reform outdated and discriminatory Foreign Investment in Real Property Tax Act of 1980 (FIRPTA). The coalition submitted the letter of support to members of the U.S. Senate Finance Committee on Tuesday, Feb. 10, prior to its hearing on Wednesday, Feb. 11, where the legislation ultimately passed out of committee.
 
A previous letter of support, which ADISA also co-signed, was sent in November 2014 to Senate leadership supporting the FIRPTA legislation.
 
The letter states, “The legislation offered by Senators Menendez and Enzi would increase the ownership stake that a foreign investor can take in a U.S. publicly traded REIT without triggering FIRPTA liability and extend the provision to certain collective investment vehicles. It will spur domestic job creation, reduce the burden imposed by the punitive FIRPTA tax, and create bipartisan momentum for broader international tax reforms to incentivize foreign investment in the United States.”
 
View the letter in its entirety here.
 
Members of the coalition include:
  • Alternative & Direct Investment Securities Association
  • American Hotel & Lodging Association
  • American Resort Development Association
  • Building Owners and Managers Association International 
  • CCIM Institute
  • Institute of Real Estate Management
  • International Council of Shopping Centers
  • International Union of Painters and Allied Trades
  • Investment Program Association
  • NAIOP, Commercial Real Estate Development Association
  • National Apartment Association
  • National Association of REALTORS®
  • National Association of Real Estate Investment Trusts
  • National Multifamily Housing Council
  • SOCIETY OF INDUSTRIAL AND OFFICE REALTORS®
  • The Real Estate Roundtable