January 28, 2010
Rep. Joseph Crowley Introduces Bill to Reduce Barriers to Foreign Investment in U.S. Real EstateYesterday, Rep. Joseph Crowley (D-NY), along with co-sponsors Rep. Melissa Bean (D-IL) and Rep. Patrick Tiberi (R-OH), introduced H.R. 4539, the Real Estate Revitalization Act of 2010 (RERA). This legislation would amend the Foreign
Investment in Real Property Tax Act of 1980 (FIRPTA) by removing some of the artificial tax barriers to foreign investment in U.S. real estate. Such changes are important to eliminate the current tax bias in favor of debt financing and to
assist U.S. real property owners in accessing equity capital from around the world at this time of great distress in the debt and broader financial markets.
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Contact
For further information, please contact
Dara Bernstein at dbernstein@nareit.com.
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