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NY budget crisis puts critical, free legal help at risk (Commentary)

August 04, 2020
As posted on - Aug 03, 8:00 AM This commentary was submitted by Susan Katzoff, president of the board of directors of the Volunteer Lawyers Project of Onondaga County Inc., on behalf of board members Laurence Bousquet, Sophie Dagenais, Peter Dunn, Anthony Gigliotti, Brittany Hannah, Palmer Harvey, Mitchell Katz, Michael Klein, Brian LaClair, Emilee Lawson Hatch, George Lowe, Mary Miner, Read More »

Opportunity Zones Series – Better Fit: Actual Business Practices and 10-Year Gain Exclusion on Asset Sales

February 10, 2020
This alert is the third part of the Bousquet Holstein OZ Series that highlights topics in the Opportunity Zones final regulations published in the Federal Register on January 13, 2020. Under the Opportunity Zones program, a taxpayer who has held a qualifying investment in a Qualified Opportunity Fund for at least 10 years may elect Read More »

Opportunity Zones Series: Gains Eligible for OZ Tax Incentives Expand: Section 1231 Property

January 29, 2020
This alert is part of the OZ Series that highlights topics in the Opportunity Zones final regulations published in the Federal Register on January 13, 2020.  One of the changes in the final regulations makes it easier for taxpayers with capital gains from the sale of business property to receive tax benefits under the Opportunity Read More »

Opportunity Zones Series: Final Regulations Enhance Tax Incentive Program

January 22, 2020
In December 2017, the Tax Cuts and Jobs Act of 2017 added the Opportunity Zones program to the Internal Revenue Code. The Opportunity Zones program provides for the deferral and reduction of capital gains tax and possible permanent exclusion from federal income taxation of eligible capital gains. Taxpayers realize these benefits by investing in Qualified 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 »

New Regulation Streamlining TEFRA Process Effective April 1, 2019

January 08, 2019
The Internal Revenue Service published the final public approval regulation in the Federal Register on December 31, 2018.  The regulation will apply to bonds issued pursuant to a public approval occurring on or after April 1, 2019. The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) added to the Internal Revenue Code a public Read More »


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 »

Authorities Budget Office Proposes New Rule Requiring IDAs to Post Documents to Website

September 04, 2018
The Authorities Budget Office ("ABO") has proposed a new rule which will codify Industrial Development Agencies' ("IDAs") existing website posting requirements under Section 859-a of the General Municipal Law ("GML").  The rule will require IDAs to post all policies and forms (both blank and project specific) to their websites.  The ABO notes the proposed rule 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 »