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

Attributes	Values
rdf:type	yago:WikicatWithholdingTaxes yago:Abstraction100002137 yago:CapitalLevy113312329 yago:Charge113400798 yago:IncomeTax113310230 yago:Levy113308864 yago:Liabilities113396054 yago:Possession100032613 yago:PropertyTax113312569 yago:Relation100031921 yago:WithholdingTax113311368 yago:Tax113308999 yago:WikicatPropertyTaxes
rdfs:label	Foreign Investment in Real Property Tax Act (en)
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)
dcterms:subject	Real property law in the United States Taxation in the United States United States federal taxation legislation Property taxes 1980 in American law Withholding taxes Taxation of foreigners
Wikipage page ID	13867446 (xsd:integer)
Wikipage revision ID	1081142295 (xsd:integer)
Link from a Wikipage to another Wikipage	Jimmy E. Carter Real property law in the United States Democratic Party (United States) United States United States Senate Committee on the Budget Capital gains Internal Revenue Code Title 42 of the United States Code Taxation in the United States United States federal taxation legislation Congressional Budget and Impoundment Control Act of 1974 Omnibus spending bill Tax treaty Property taxes 1980 in American law Ernest Hollings Alternative minimum tax Itemized deduction Real property Withholding taxes Taxation of foreigners South Carolina Income tax in the United States Internal Revenue Service Nonrecognition provisions
Link from a Wikipage to an external page	http://www.presidency.ucsb.edu/ws/%3Fpid=45560 http://thomas.loc.gov/cgi-bin/bdquery/z%3Fd096:SN02939:@@@R https://www.govtrack.us/congress/votes/96-1980/h1131 https://www.govtrack.us/congress/votes/96-1980/h1253 https://www.govtrack.us/congress/votes/96-1980/s1010 https://www.gpo.gov/fdsys/pkg/STATUTE-94/pdf/STATUTE-94-Pg2599.pdf https://www.irs.gov/pub/irs-pdf/f8288b.pdf https://www.irs.gov/publications/p515/ar02.html
sameAs	Foreign Investment in Real Property Tax Act Foreign Investment in Real Property Tax Act Foreign Investment in Real Property Tax Act Foreign Investment in Real Property Tax Act
title amended	26 (xsd:integer) 42 (xsd:integer) (en)
dbp:wikiPageUsesTemplate	dbt:Cite_web dbt:Reflist dbt:USBill dbt:Usstat dbt:Infobox_U.S._legislation dbt:Usc-title-chap
cite public law	96 (xsd:integer)
cite statutes at large	aka 94 Stat. 2660 (en)
conferencedate	1980-11-26 (xsd:date)
effective date	1980-12-05 (xsd:date)
introducedby	Ernest Hollings (en)
introduceddate	1980-07-02 (xsd:date)
introducedin	Senate (en)
passedbody	House (en) Senate (en)
passeddate	1980-07-23 (xsd:date) 1980-09-04 (xsd:date) 1980-12-03 (xsd:date)
passedvote	83 (xsd:integer) 294 (xsd:integer) 334 (xsd:integer) Passed (en)
public law url	https://www.gpo.gov/fdsys/pkg/STATUTE-94/pdf/STATUTE-94-Pg2599.pdf
shorttitle	Foreign Investment in Real Property Tax Act (en)
signeddate	1980-12-05 (xsd:date)
signedpresident	Jimmy E. Carter
committees	United States Senate Committee on the Budget
enacted by	96 (xsd:integer)
nickname	Revenue Reconciliation Act of 1980 (en)
has 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)
colloquialacronym	FIRPTA (en)
leghisturl	http://thomas.loc.gov/cgi-bin/bdquery/z%3Fd096:SN02939:@@@R
longtitle	An Act to provide for revenue reconciliation as provided by section 310 of the Congressional Budget Act of 1974. (en)
othershorttitles	(en) Medicare and Medicaid Amendments of 1980 (en) Mortgage Subsidy Bond Tax Act of 1980 (en)

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