Foreign Investment in Real Property Tax Act information
Foreign Investment in Real Property Tax Act
Other short titles
Comprehensive Oil Pollution Liability and Compensation Act
Medicare and Medicaid Amendments of 1980
Mortgage Subsidy Bond Tax Act of 1980
Omnibus Reconciliation Act of 1980
Revenue Adjustments Act of 1980
Long title
An Act to provide for revenue reconciliation as provided by section 310 of the Congressional Budget Act of 1974.
Acronyms (colloquial)
FIRPTA
Nicknames
Revenue Reconciliation Act of 1980
Enacted by
the 96th United States Congress
Effective
December 5, 1980
Citations
Public law
96-499
Statutes at Large
94 Stat. 2599 aka 94 Stat. 2660
Codification
Titles amended
26 U.S.C.: Internal Revenue Code
42 U.S.C.: Public Health and Social Welfare
U.S.C. sections amended
I.R.C. ch. 1, subch. B §§ 101, 103, 103A
I.R.C. ch. 1, subch. B § 261
I.R.C. ch. 1, subch. N § 861
I.R.C. ch. 1, subch. N §§ 871, 882, 891, 897
I.R.C. ch. 21 § 3121
I.R.C. ch. 23 §§ 3304, 3306
I.R.C. ch. 33 § 4251
I.R.C. ch. 61, subch. A §§ 6031, 6039C
I.R.C. ch. 65 §§ 6411, 6429
I.R.C. ch. 68, subch. A §§ 6652, 6655
42 U.S.C. ch. 7, subch. XVIII §§ 1395x – 1395lll
Legislative history
Introduced in the Senate as S. 2939 by Ernest Hollings (D-SC) on July 2, 1980
Committee consideration by Senate Budget
Passed the Senate on July 23, 1980 (Passed)
Passed the House on September 4, 1980 (294-91, in lieu of H.R. 7765)
Reported by the joint conference committee on November 26, 1980; agreed to by the House on December 3, 1980 (334-45, in lieu of H.R. 7765) and by the Senate on December 3, 1980 (83-4, in lieu of H.R. 7765)
Signed into law by President Jimmy E. Carter on December 5, 1980
The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), enacted as Subtitle C of Title XI (the "Revenue Adjustments Act of 1980") of the Omnibus Reconciliation Act of 1980, Pub. L. No. 96-499, 94 Stat. 2599, 2682 (Dec. 5, 1980), is a United States tax law that imposes income tax on foreign persons disposing of US real property interests. Tax is imposed at regular tax rates for the taxpayer on the amount of gain considered recognized. Purchasers of real property interests are required to withhold tax on payment for the property. Withholding may be reduced from the standard 15% to an amount that will cover the tax liability, upon application in advance of sale to the Internal Revenue Service. FIRPTA overrides most nonrecognition provisions as well as those remaining tax treaties that provide exemption from tax for such gains.
The 2015 omnibus spending bill significantly altered the FIRPTA.[1]
^Ropes&Gray – Omnibus Bill Includes Significant Changes to Tax Law Regarding FIRPTA, REITs, and RICs
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