The Gowanus Neighborhood Mixed Income Housing Development Program offers real property tax abatement for affordable housing projects located in the Special Gowanus Mixed Use District, an 82-block former industrial area along the Gowanus Canal in Brooklyn, New York. The Program addresses the uncertainty arising from the sunset of Section 421-a(16) of the New York Real Read More »
The monetization of energy tax credits under the Inflation Reduction Act (IRA) offers a potential source of revenue for local governments, school districts, 501(c)(3) organizations and certain other federally tax-exempt organizations that are buying new qualified commercial clean vehicles and motorized equipment. What is the credit for qualified commercial clean vehicles? Although local governments, school Read More »
The Board of Governors of the Federal Reserve System (Board); Consumer Financial Protection Bureau (CFPB); Federal Deposit Insurance Corporation (FDIC); National Credit Union Administration (NCUA); and Office of the Comptroller of the Currency (OCC) have requested public comment on proposed guidance that outlines examples of policies and procedures for risk-based reconsiderations of value (ROVs) for Read More »
On May 12, 2023, the IRS released Notice 2023-38, Domestic Content Bonus Credit Guidance for owners of green energy projects, such as wind, solar and energy storage technologies. The Notice provides guidance on the Inflation Reduction Act of 2022 (IRA), which provided for an increased credit amount under Internal Revenue Code Sections ("Section") 45, 45Y, Read More »
When Is a Brownfield Site Not a Brownfield Site? On April 4, 2023, the IRS released Notice 2023-29, Energy Community Bonus Credit Amounts under the Inflation Reduction Act of 2022. The Notice provides guidance on the Inflation Reduction Act of 2022 (IRA), which provided for an increased credit amount under Internal Revenue Code Sections ("Section") Read More »
On February 22, 2023, the New York State Department of Labor finalized the new farm worker overtime regulations to decrease the overtime threshold limit for farm workers. Currently, farm workers receive overtime pay after 60 hours of work. The new regulation will decrease that number to 56 hours starting on January 1, 2024, and Read More »
On February 14, 2023, the IRS released Notice 2023-17, Initial Guidance Establishing Program to Allocate Environmental Justice Solar and Wind Capacity Limitation Under Section 48(e). The Notice provides guidance on the Inflation Reduction Act of 2022 (IRA), which allocated solar and wind facilities an additional 10% of energy tax credits if located in low-income communities Read More »
U.S. Citizenship and Immigration Services (USCIS) has released updated policy guidance and revisions to Form N-648, Medical Certification for Disability Exceptions. Form N-648 is used by U.S. citizenship applicants requesting an exception to the English and civics testing requirements for naturalization due to a physical or developmental disability or mental impairment. The form is Read More »
On October 31, 2022, the Department of Homeland Security (DHS) implemented a final rule aimed to preserve and strengthen the Deferred Action for Childhood Arrivals (DACA) program. The implementation of the final rule means that DACA is now based on a formal regulation, rather than just a policy memorandum. The DACA program has allowed over Read More »
The IRS released Notice 2022-61, Prevailing Wage and Apprenticeship Initial Guidance Under Section 45(b)(6)(B)(ii) and Other Substantially Similar Provisions last week. Under the Inflation Reduction Act of 2022 (the "Act"), one of the ways that certain tax credits for clean energy can be increased, including increasing the Energy Credit from 6% to 30%, is if Read More »