Ten-Year Brownfield Cleanup Program, Tax Credit Extender & Other Program Amendments Included in Gov. Hochul’s FY 2023 Executive Budget

Alert

On January 18, New York Governor Kathy Hochul issued proposed legislation to implement the Governor's Fiscal Year 2023 Executive Budget.  The Transportation, Economic Development, and Environmental Conservation bill included in the Executive Budget would extend the tax incentives available for remediation and redevelopment of contaminated sites under New York's Brownfield Cleanup Program ("BCP") for ten Read More »

Legal Alert: Revised Text for the Build Back Better Legislation Includes LIHTC, NHTC, and Tribal NMTC

Alert, Publication

By: Christy Vouri-Misso Low-Income Housing Tax Credit The BBBA extends the 9% LIHTC allocations to pegged amounts through 2025. The provision is effective for calendar years after December 31, 2021. The provision provides a 50% increase in basis for LIHTC projects that designate at least 20% of their units for extremely low-income tenants. These projects Read More »

IRS Re-Extends Many Deadlines for Qualified Opportunity Funds

Alert

Recently released IRS Notice 2021-10, provides additional relief for "qualified opportunity funds" ("QOFs"), their investors and "qualified opportunity zone businesses" extending many of the previously extended deadlines due to the Coronavirus. Previously, the IRS extended the 180-day deadline for taxpayers to invest eligible capital gains into a QOF to July 15, 2020 ( https://bhlawpllc.com/publication/irs-extends-deadline-to-invest-in-a-qualified-opportunity-fund/ ) and also extended Read More »

Coming Soon: Many New and Existing Corporations, LLCs and Similar Entities Must Report Owners’ Personal Information to U.S. Treasury Department

Alert

At the start of the new year, the National Defense Authorization Act ("NDAA") was enacted into law and included the Corporate Transparency Act ("CTA"). The CTA subjects individuals who own, or apply to form, businesses organized as corporations, limited liability companies, partnerships or similar entities to heightened reporting to the Financial Crimes Enforcement Network ("FinCEN") Read More »