On December 18, Congress passed the Real Estate Investment and Jobs Act of 2015, a bill that has implications for interior designers. The bill includes a revision to the Foreign Investment in Real Property Tax Act (FIRPTA). As a result of the FIRPTA reforms, more jobs may be created for designers on both residential and commercial properties.
“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 and 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.”
ASID lobbied for the FIRPTA reforms in partnership with members of the Invest in America Coalition, particularly The Real Estate Roundtable and Westfield, LLC. As a result of the bill’s reforms, hundreds of billions of dollars are expected to be channeled into real estate properties to fund interior renovations and construction.