Larson, Marchant Introduce Invest in America Act
Washington, D.C. – Today, Reps. John B. Larson (CT-01) and Kenny Marchant (TX-24) introduced the Invest in America Act that would repeal the Foreign Investment in Real Property Tax Act of 1980, which applies capital gains taxes to foreign persons who invest in U.S. real estate. This bipartisan legislation would allow for additional capital to be unlocked that will be invested in American infrastructure, creating jobs and spurring economic development.
“The American Society of Civil Engineers has given America’s infrastructure a D+ rating. That’s unacceptable. This isn’t a Republican or Democrat issue, this is an American issue. I am proud to introduce the Invest in America Act today with Congressman Marchant to unlock more opportunities to invest in communities in Connecticut and across the nation and to rebuild our infrastructure,” said Larson.
“Global investment is critical to our nation’s economy, especially in the Dallas-Forth Worth region. That is why I am proud to partner with Congressman Larson to introduce the Invest in America Act, which will remove the barriers in our tax code that discourage investments in real estate. By providing parity to real estate assets under the law, foreign investors will be able to create more opportunities and more prosperity for American families,” said Congressman Marchant.
A summary of the Invest in America Act can be found here.
The bill text can be found here.