ADISA Co-Signs Letter Urging Representatives to Support Invest in America Act

Apr 11, 2019

ADISA has once again joined major housing and real estate organizations in co-signing a letter to representatives in support of the bipartisan Invest in America Act (H.R. 2210), introduced by Rep. John Larson (D-CT). Co-sponsors of the Act include:
Rep. Kenny Marchant (R-TX)
Earl Blumenauer (D-OR)
Danny Davis (D-IL)
George Holding (R-NC)
Steven Horsford (D-NV)
Ron Kind (D-WI)
Darin LaHood (R-IL)
Bill Pascrell (D-NJ)
Tom Suozzi (D-NY)
Jackie Walorski (R-IN)
The Invest in America Act will create 150,000-280,000 new construction and related jobs in the United State by spurring greater inbound investment in U.S. real estate and infrastructure. This legislation will repeal the arcane and punitive Foreign Investment in Real Property Tax Act (FIRPTA) of 1980. The FIRPTA regime is an anti-competitive outlier that deflects global capital to other markets.
While the costs and distortions of FIRPTA are substantial, the economic benefit of the Invest in America Act are overwhelming. Repeal of FIRPTA would stimulate real estate and infrastructure construction in midsize and regional markets throughout the country.
Furthermore, the Invest in America Act would have little, if any, negative effect on federal tax revenue.
The co-signers of the support letter (listed below) urge all representatives to support and co-sponsor this important legislation.
Alternative & Direct Investment Securities Association
American Hotel & Lodging Association
American Institute of Architects
American Resort Development Association
American Seniors Housing Association
Appraisal Institute
Associated General Contractors of America
Building Owners and Managers Association International
Federation of Exchange Accommodators
Institute for Portfolio Alternatives
International Council of Shopping Centers
International Union of Planters and Allied Trades
Leading Builders of America
Mortgage Bankers Association
NAIOP, Commercial Real Estate Development Association
National Apartment Association
National Multifamily Housing Council
Organization for International Investment
The Real Estate Roundtable
United Association of Plumbers, Fitters, Welders and Service Techs
Read the letter in its entirety here.