ASID Applauds as Congress Passes Bill Anticipated to Bring Billions to Real Estate Construction Projects
Provision in “Tax Extenders” Bill Promises Job Creation and Economic Opportunity for Interior Designers
Today the American Society of Interior Designers (ASID) celebrates 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.
The American Society of Interior Designers (ASID) believes that design transforms lives. ASID serves the full range of the interior design profession and practice through the Society’s programs, networks, and advocacy. We thrive on the strength of cross-functional and interdisciplinary relationships among designers of all specialties, including workplace, healthcare, retail and hospitality, education, institutional, and residential. We lead interior designers in shared conversations around topics that matter: from evidence-based and human-centric design to social responsibility, well-being, and sustainability. We showcase the impact of design on the human experience and the value interior designers provide.
ASID was founded 40 years ago when two organizations became one, but its legacy dates back to the early 1930s. As we celebrate nearly 85 years of industry leadership, we are leading the future of interior design, continuing to integrate the advantages of local connections with national reach, of small firms with big, and of the places we live with the places we work, play, and heal. Learn more at asid.org.