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Tax plan may provide boost

Despite the austerity mood in Washington, President Obama's proposed budget would provide tax relief to some foreign investors, a move the US real estate industry has been seeking for years

Despite the austerity mood in Washington, President Obama's proposed budget would provide tax relief to some foreign investors, a move the US real estate industry has been seeking for years.

As part of a larger push to spur private investment in US infrastructure, Obama has proposed changes to a 1980s tax policy called the Foreign Investment in Real Property Tax Act, or Firpta, that would exempt foreign pension funds from paying taxes on gains from real estate sales.

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