About: Foreign Investment in Real Property Tax Act

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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 th

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dbo:abstract	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. (en)
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dbp:citePublicLaw	96 (xsd:integer)
dbp:citeStatutesAtLarge	aka 94 Stat. 2660 (en)
dbp:colloquialacronym	FIRPTA (en)
dbp:committees	dbr:United_States_Senate_Committee_on_the_Budget
dbp:conferencedate	1980-11-26 (xsd:date)
dbp:effectiveDate	1980-12-05 (xsd:date)
dbp:enactedBy	96 (xsd:integer)
dbp:introducedby	Ernest Hollings (en)
dbp:introduceddate	1980-07-02 (xsd:date)
dbp:introducedin	Senate (en)
dbp:leghisturl	http://thomas.loc.gov/cgi-bin/bdquery/z%3Fd096:SN02939:@@@R
dbp:longtitle	An Act to provide for revenue reconciliation as provided by section 310 of the Congressional Budget Act of 1974. (en)
dbp:nickname	Revenue Reconciliation Act of 1980 (en)
dbp:othershorttitles	(en) Medicare and Medicaid Amendments of 1980 (en) Mortgage Subsidy Bond Tax Act of 1980 (en) Omnibus Reconciliation Act of 1980 (en) Revenue Adjustments Act of 1980 (en) Comprehensive Oil Pollution Liability and Compensation Act (en)
dbp:passedbody	House (en) Senate (en)
dbp:passeddate	1980-07-23 (xsd:date) 1980-09-04 (xsd:date) 1980-12-03 (xsd:date)
dbp:passedvote	83 (xsd:integer) 294 (xsd:integer) 334 (xsd:integer) Passed (en)
dbp:publicLawUrl	https://www.gpo.gov/fdsys/pkg/STATUTE-94/pdf/STATUTE-94-Pg2599.pdf
dbp:sectionsAmended	(en) § 261 (en) § 3121 (en) § 4251 (en) § 861 (en) §§ 101, 103, 103A (en) §§ 1395x – 1395lll (en) §§ 3304, 3306 (en) §§ 6031, 6039C (en) §§ 6411, 6429 (en) §§ 6652, 6655 (en) §§ 871, 882, 891, 897 (en)
dbp:shorttitle	Foreign Investment in Real Property Tax Act (en)
dbp:signeddate	1980-12-05 (xsd:date)
dbp:signedpresident	dbr:Jimmy_E._Carter
dbp:titleAmended	26 (xsd:integer) 42 (xsd:integer) (en)
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rdfs:comment	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 th (en)
rdfs:label	Foreign Investment in Real Property Tax Act (en)
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