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Tax Law Roundup current law developments in U.S. taxation

Tag Archives: FIRPTA

Senate Passes Extenders Legislation – President Quickly Signs Targeted Tax Cuts Into Law

Posted in Legislative, Real Estate

Today the Senate voted 65-33 to pass the Extenders bill (H.R. 2029) and the President quickly signed it into law with the official Date of Enactment being December 18.  As discussed in more detail in yesterday’s blog, the legislation makes permanent or creates an extended life for many take breaks that have been annually renewed, or “extended” for many… Continue Reading

The House Joins the Senate Finance Committee in Proposing FIRPTA Reform

Posted in International, Legislative, Real Estate

FIRPTA real estate tax reform continues its momentum with the recent release of bill text for H.R. 2128, the latest House bill introduced by Kevin Brady (R-Texas) and J Crowley (D-NY). In connection with the filing of the bill, Brady stated that H.R. 2128 is similar to the changes approved by the Senate Finance Committee and… Continue Reading

Senate Finance Committee Proposes FIRPTA Reform

Posted in International, Real Estate, REITs

Today was an important step in moving forward US tax reforms to encourage international investment in U.S. real estate.  The Senate Finance Committee passed 17 different tax bills for consideration by the entire Senate.  This package includes a FIRPTA reform bill sponsored by Senators Robert Menendez (D-NJ) and Michael Enzi (R-WY) to reduce the burden… Continue Reading

Sen. Baucus Reveals International Tax Reform Draft

Posted in General, International, Legislative, Real Estate, REITs

Today Sen. Baucus of the Senate Finance Committee released a discussion draft for international tax reform.  The proposal is the first in a series on how to reform international tax rules with more drafts expected later this week.  This action by the Senate is in contrast to the recently expected delays by the House.  Feedback… Continue Reading

FIRPTA Reform Reintroduced in Senate

Posted in International, Legislative, Real Estate, REITs

Senators Bob Menendez (D-NJ) and Mike Enzi (R-WY) and 22 co-sponsors introduced S.1181, the Real Estate Investment and Jobs Act of 2013, based on the original S.1616 legislation introduced in 2011.  The legislation would increase from 5 to 10 percent the amount of publicly traded REIT stock minority shareholders can hold without triggering FIRPTA tax…. Continue Reading

President Obama Proposes Major FIRPTA Reform in Rebuild America Partnership

Posted in International, Legislative, Real Estate

Today President Obama released major proposals to encourage private investment in US infrastructure as part of a proposed Rebuild America Partnership.  For international investors, the most significant aspect is to reform the FIRPTA rules that tax gains of non-US investors in US real estate.  FIRPTA reform has been the subject of much discussion in recent… Continue Reading

Proposed FIRPTA Legislation For Foreign Investors in U.S. Real Estate

Posted in General, International, Real Estate, REITs

On September 21, H.R. 2989, the Real Estate Jobs and Investment Act of 2011, was introduced in the House to ease the rules for Foreign Investment in U.S. Real Estate known as “FIRPTA”.  The legislation would increase the percentage of a publicly traded REIT that a foreign investor could own from 5% to 10% before… Continue Reading