Jean S. Everett, Natalie P. Hempson-Elliott, Jeffrey C. Fasoldt, Jr.
August 01, 2023
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 »Christy Vouri-Misso, Julia J. Martin, Natalie P. Hempson-Elliott
November 05, 2021
By: Natalie Hempson-Elliott, Julia Martin & Christy Vouri-Misso The Build Back Better Act package released by Congress last week includes a significant amount of tax benefits for clean energy production. Below is a summary of what we are watching: Extension of the PTC Extends the production tax credit (PTC), which allows energy producers to claim
Read More »Natalie P. Hempson-Elliott, Joshua S. Werbeck
October 07, 2019
There is a transfer tax due when conveying real property in New York State. The amount of transfer tax is based on the consideration paid in exchange for the conveyance, which consideration is typically the purchase price. The transfer tax is reported on the Form TP-584 Transfer Tax Report. The TP-584 must be filed at
Read More »Susan R. Katzoff, Natalie P. Hempson-Elliott
February 08, 2019
Compliance with the event notices added to Rule 15c2-12 of the Securities Exchange Act of 1934 (Rule), by the Securities and Exchange Commission on August 20, 2018, is required starting on February 27, 2019. 501(c)(3) borrowers, municipal issuers and other obligated persons must now file with the Electronic Municipal Market Access system (EMMA), notices of
Read More »Susan R. Katzoff, Natalie P. Hempson-Elliott
October 26, 2018
The Federal Reserve's Alternative Reference Rates Committee recently recommended the Secured Overnight Financing Rate (SOFR) as an alternative for the London interbank offered rate (LIBOR). LIBOR is the index rate frequently used in tax-exempt bonds, commercial loans and mortgages and interest rate swaps and other derivatives to establish the interest rates payable by borrowers and
Read More »Susan R. Katzoff, Natalie P. Hempson-Elliott
September 06, 2018
Susan R. Katzoff, Natalie P. Hempson-Elliott
September 04, 2018
Enacted in December 2017, the Tax Cuts and Jobs Act of 2017 (the "TCJA") contains a provision that incentivizes long-term investments in economically distressed areas designated as Opportunity Zones ("OZ"). The TCJA added §1400Z to the Internal Revenue Code (the "IRC"), which provides for the deferral of capital gains tax, a step-up in basis, and
Read More »Susan R. Katzoff, Natalie P. Hempson-Elliott
August 22, 2018
The Securities and Exchange Commission ("SEC") announced on August 20, 2018, the adoption of amendments to Rule 15c2-12 of the Securities Exchange Act of 1934 (the "Rule") relating to debt and other financial obligations undertaken in a direct placement. Compliance with the changes will be required 180 days after publication of the amendments in the Federal Register.
Read More »Susan R. Katzoff, Natalie P. Hempson-Elliott
January 28, 2018
Effective December 5, 2018, the New York State Authorities Budget Office ("ABO") promulgated regulations entitled "Standard Application Form" and added them as Part 250.1 to Title 19 of the New York Codes, Rules and Regulations (the "New Regulations"). The ABO asserts that the New Regulations will increase the accountability of Industrial Development Agencies ("IDAs") and
Read More »Aaron D. Frishman, Natalie P. Hempson-Elliott, Philip S. Bousquet, Joshua S. Werbeck
July 25, 2016
On June 21, 2016, the Federal Aviation Administration ("FAA") released its highly anticipated new rules set to serve as the foundation for governing commercial use of small, Unmanned Aircraft Systems ("UAS") and Unmanned Aerial Vehicles ("UAVs") in the United States. These new rules, more specifically, Part 107 of the Federal Aviation Regulations, provide a clear
Read More »Aaron D. Frishman, Natalie P. Hempson-Elliott, Philip S. Bousquet, Joshua S. Werbeck
May 11, 2016
The drone industry has proliferated recently and is expected to see continued exponential growth in the next several years. Experts estimate that close to 1 million drone units, also known as small, unmanned aerial vehicles (or UAVs for short), were purchased during the 2015 holiday season alone. This expansion has led to creative, expanded use of
Read More »Natalie P. Hempson-Elliott, Joshua S. Werbeck
April 26, 2016
Governor Cuomo signed legislation on April 13, 2016 enacting two significant changes to the NY School Tax Relief ("STAR") exemption program. The STAR program provides homeowners a reduction in real property school taxes. Historically, the STAR exemption was shown on and immediately reduced homeowners’ school tax bills. The first change transforms the STAR exemption into a
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