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In response to Mayer Brown a leading international law firm on January 27, 2010, US Representative Joseph Crowley along with co-sponsors Representatives Tiberi and Bean, launched H.R.4539; the Real Estate Revitalization Act of 2010 (Tax Transaction Replace Feb.16,2010).
This legislation proposes to amend the present Foreign Funding in Real Property Tax Act of 1980 (FIRPTA). The modification would modify the remedy of certain foreign investments in US real property below Section 897of the Inner Revenue Service Code. Many proponents view H.R.4539 as an necessary measure to proactively encourage international equity investment within the US real estate market when the debt capital is very limited.