I 
116TH CONGRESS 
1ST SESSION H. R. 2210 
To amend the Internal Revenue Code of 1986 to repeal certain provisions 
applicable to foreign investment in United States real property. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 10, 2019 
Mr. LARSON of Connecticut (for himself, Mr. MARCHANT, Mr. BLUMENAUER, 
Mr. DANNY K. DAVIS of Illinois, Mr. HOLDING, Mr. HORSFORD, Mr. 
KIND, Mr. LAHOOD, Mr. PASCRELL, Mr. SUOZZI, and Mrs. WALORSKI) 
introduced the following bill; which was referred to the Committee on 
Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to repeal 
certain provisions applicable to foreign investment in 
United States real property. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Invest in America 
Act’’. 
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SEC. 2. REPEAL OF AMENDMENTS MADE BY THE FOREIGN 
INVESTMENT IN REAL PROPERTY TAX ACT OF 
1980 (‘‘FIRPTA’’). 
(a) REPEAL OF CAPITAL GAINS TAX ON DISPOSITION 
OF INVESTMENTS IN UNITED STATES REAL PROPERTY 
BY FOREIGN CITIZENS.— 
(1) IN GENERAL.—Subpart D of part II of sub-
chapter N of chapter 1 of the Internal Revenue Code 
of 1986 is amended by striking section 897. 
(2) CONFORMING AMENDMENTS.— 
(A) Section 852(b)(3) of such Code is 
amended by striking subparagraph (E). 
(B) Section 857(b)(3) of such Code is 
amended by striking subparagraph (E) and by 
redesignating subparagraph (F) as subpara-
graph (E). 
(C) Section 861(a)(5) of such Code is 
amended to read as follows: 
‘‘(5) SALE
OR
EXCHANGE
OF
REAL
PROP-
ERTY.—Gains, profits, and income from the sale or 
exchange of interests in real property (as defined in 
section 856(c)(5)(C), except that such term shall in-
clude mineral, oil, and gas royalty interests) located 
in the United States.’’. 
(D) Section 862(a) of such Code is amend-
ed by adding ‘‘and’’ at the end of paragraph 
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under clause (i) shall be limited to the 
amount of compensation the agent derives 
from the transaction. 
‘‘(E) TRANSFEROR’S
AGENT.—For pur-
poses of this paragraph, the term ‘transferor’s 
agent’ means any person who represents the 
transferor— 
‘‘(i) in any negotiation with the trans-
feree or any transferee’s agent related to 
the transaction, or 
‘‘(ii) in settling the transaction. 
‘‘(F) TRANSFEREE’S
AGENT.—For pur-
poses of this paragraph, the term ‘transferee’s 
agent’ means any person who represents the 
transferee— 
‘‘(i) in any negotiation with the trans-
feror or the transferor’s agent related to 
the transaction, or 
‘‘(ii) in settling the transaction. 
‘‘(G) SETTLEMENT OFFICER NOT TREATED 
AS
TRANSFEROR’S
AGENT.—For purposes of 
this paragraph, a person shall not be treated as 
a transferor’s agent or transferee’s agent with 
respect to any transaction merely because such 
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person performs 1 or more of the following 
acts: 
‘‘(i) The receipt and the disbursement 
of any portion of the consideration for the 
transaction. 
‘‘(ii) The recording of any document 
in connection with the transaction.’’. 
(C) Section 1446(f)(4) of such Code is 
amended— 
(i) by inserting ‘‘or if any transferor’s 
agent or transferee’s agent fails to with-
hold any amount required to be withheld 
under paragraph (2)(D) (determined with-
out regard to clause (ii) thereof),’’ after 
‘‘withheld under paragraph (1),’’, and 
(ii) by striking ‘‘the amount the trans-
feree failed to withhold’’ and inserting ‘‘the 
amount the transferee, transferor’s agent, 
or transferee’s agent (as the case may be) 
so failed to withhold’’. 
(D) Section 1446(f) of such Code is 
amended by striking paragraph (5) and by re-
designating paragraph (6) as paragraph (5). 
(3) CLERICAL AMENDMENT.—The table of sec-
tions for subchapter A of chapter 3 of such Code is 
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amended by striking the item relating to section 
1445. 
(c) REPEAL OF SPECIAL REPORTING REQUIREMENTS 
WITH RESPECT TO UNITED STATES REAL PROPERTY IN-
TERESTS.— 
(1) IN GENERAL.—Subpart A of part III of 
subchapter A of chapter 61 of such Code is amended 
by striking section 6039C. 
(2) CONFORMING AMENDMENT.—Section 6652 
of such Code is amended by striking subsection (f). 
(3) CLERICAL AMENDMENT.—The table of sec-
tions for subpart A of part III of subchapter A of 
chapter 61 of such Code is amended by striking the 
item relating to section 6039C. 
(d) EFFECTIVE DATE.— 
(1) IN
GENERAL.—Except as otherwise pro-
vided in this subsection, the amendments made by 
this section shall apply to dispositions and distribu-
tions after the date of the enactment of this Act. 
(2) REPORTING REQUIREMENTS.— 
(A) IN GENERAL.—The amendments made 
by subsection (c) shall apply to calendar years 
beginning after the date of the enactment of 
this Act. 
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(B) TRANSITION RULE.—In the case of the 
calendar year which includes the date of the en-
actment of this Act, section 6039C of the Inter-
nal Revenue Code of 1986 shall be applied by 
only taking into account interests held during 
the portion of such calendar year which pre-
cedes the date of the enactment of this Act. 
Æ 
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