Willard Taylor Authors Article on Repealing FIRPTA in Florida Tax Review

April 1, 2013

The March 2013 issue of the Florida Tax Review published an article, “Suppose FIRPTA was Repealed?” by Mr. Taylor. In the article, Mr. Taylor argues that the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), or at least the provisions of the Act that relate to the United States real property holding corporations, should be repealed. The enactment of the United States real property holding corporation provisions was misguided and, in any event, they are now obsolete. If there is repeal, however, the article argues that there should be legislative changes to ensure parity in the taxation of investments made directly, investments made through partnerships and investments made through real estate investment trusts. Repeal would also offer an opportunity to consider the taxation of foreign investment in the United States more broadly.