On December 18, 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (“Law”). The Law amends the Internal Revenue Code of 1986 particularly with respect to Real Estate Investment Trusts. The Law also amends the Foreign Investment in Real Property Tax Act of 1980.
Among the more significant amendments, the law increases the amount which a foreign real estate investor selling real property must withhold for income tax purposes from ten percent (10%) to fifteen percent (15%). A foreign seller’s personal residence under one million dollars ($1,000,000) is exempt and the Law effects all dispositions sixty (60) days following December 18, 2015.
A copy of the Law is available online: click here.
For general information about the firm, including our contact information, please click here.
The Law Offices of Keith R. Betensky, Esq.
The Empire Building
26 Village Green, Suite 4
P.O. Box 22
Bedford, New York 10506-0022