The American Society of Interior Designers’ top federal legislative priority has been passed by Congress as a part of the tax extenders bill.
The Real Estate Investment and Jobs Act of 2015 included a revision to the Foreign Investment in Real Property Tax Act. As a result, interior design businesses stand to benefit 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.”