Bill would spur foreign investment in U.S. real estate

03/8/2010 | CNNMoney/Fortune

Rep. Joseph Crowley, D-N.Y., introduced the Real Estate Revitalization Act of 2010 in January -- legislation that would eliminate certain taxes that foreign investors in U.S. real estate must pay under current law. These taxes have been an impediment to foreign companies acquiring and selling U.S. real estate during a severe industry downturn, advocates of the bill say. "We're talking about bringing in foreign investment to be on equal footing if they invest in real estate vs. nonreal estate," says Jeffrey DeBoer, head of the Real Estate Roundtable.

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