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Legal Alert: Build Back Better Act Proposal Includes Clean Energy Tax Incentives

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 »

New Material Events for EMMA Filing By 501(c)(3) Organizations Effective February 27, 2019

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 »

SOFR: POSSIBLE LIBOR ALTERNATIVE

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 »

The Tax Cuts and Jobs Act of 2017 – Qualified Opportunity Zones

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 »

SEC Expands Reporting Obligations of Tax-Exempt Bond Issuers and 501(c)(3)s and Other Tax-Exempt Bond Borrowers

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 »

Authorities Budget Office Adopts Regulations Governing Industrial Development Agencies

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 »

FAA Releases New Rules Governing Commercial Use of UAS/UAVs (Drones)

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 »

Unmanned Aerial Vehicles (Drones): New York State’s New Major Capital Investment

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 »

NYS Transforms “STAR” Property Tax Exemption into Income Tax Credit

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 Read More »