ADISA Co-Signs Coalition Letter on FIRPTA Reform

Dec 15, 2015

ADISA joined 20 other organizations in signing a letter addressed to Sen. Kevin Brady, Chairman of the House Committee on Ways and Means, thanking him for his leadership in introducing tax extenders legislation that includes powerful measures to spur new investment in U.S. real estate and infrastructure and would create thousands of well-paying jobs in construction and related industries.
The bipartisan FIRPTA reform proposals included in the Tax Increase Prevention and Real Estate Investment Act of 2015 will allow foreign investors to take larger ownership stakes in publicly traded U.S. real estate investment trusts and create greater tax parity by exempting foreign pension funds from FIRPTA altogether. According to the OECD, pension funds around the world manage over $24 trillion in assets and constitute a large and growing source of capital for productive investment. The FIRPTA changes in Sen. Brady’s bill will reduce economic distortions in the tax code and unlock capital to finance projects here at home—putting contractors, tradesmen, and others to work constructing, upgrading, and improving U.S. commercial real estate properties and infrastructure assets, such as roads and bridges.

The other organizations who signed the letter include: 

Alternative & Direct Investment Securities Association
American Hotel & Lodging Association
American Resort Development Association
American Seniors Housing Association
American Society of Interior Designers
Association of Foreign Investors in Real Estate
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 Real Estate Investment Trusts
National Association of REALTORS®
National Multifamily Housing Council
Organization for International Investment
The Society of Industrial and Office REALTORS®
The Real Estate Roundtable

You can read the letter here.