The American Society of Interior Designers (ASID) is celebrating as its top federal legislative priority was passed by Congress as a part of the “tax extenders” bill. The Real Estate Investment and Jobs Act of 2015 includes a revision to the Foreign Investment in Real Property Tax Act (FIRPTA). As a result, interior design businesses stand to benefit greatly as reforming FIRPTA carries with it job creation opportunities for them on commercial and residential properties for many years to come.
“Passage of FIRPTA reform fulfills a primary mission of ASID as the ‘One Voice’ of the interior design industry; to create job opportunities for residential and commercial interior designers as well as our industry partners,” said Randy Fiser, CEO of ASID. “This new law will also be a catalyst for updating our nation’s building portfolio to meet the demand for interior spaces that are designed to be sustainable, resilient, and promote the health and wellness of its occupants. Combined with recent positive growth forecasts, it is another exciting day for interior designers and the built environment overall.”
Since the early 1980s, the law has been a barrier to investment and job creation in real estate construction projects. In April, House Ways and Means Chairman Kevin Brady (R-TX-08) and Congressman Joseph Crowley (D-NY-14) re-introduced the Real Estate Investment and Jobs Act of 2015 to reverse these trends and instead incentivize investment in commercial real estate properties across the country.
In partnership with members of the Invest in America Coalition, namely The Real Estate Roundtable and Westfield, LLC, ASID lobbied tirelessly to support the bill’s passage. Consequently, hundreds of billions of dollars are now expected to flow into real estate properties to fund interior renovations and construction thereby creating economic opportunity for all interior designers – commercial and residential.