ASID Stands to Benefit from â€œTax Extendersâ€ Bill Passed by Congress
Washington, DC – The American Society of Interior Designers (ASID)’s main federal legislative priority has been passed by Congress as 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).
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 incentivize investment in commercial real estate properties across the country.
“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,” says 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.”
Now that the bill has been passed, hundreds of billions of dollars are expected to flow into real estate properties to fund interior renovations and construction thereby creating economic opportunity for all interior designers – commercial and residential.