Publications

UPDATE: On November 30, 2023, FinCEN amended the rule to extend the filing deadline for certain BOI reports during the first year of reporting. Reporting Companies formed after January 1, 2024, and before January 1, 2025, will now have 90 days to file their initial reports. Previously, Reporting Companies only had 30 days to report. Read More »

The Consumer Finance Protection Bureau recently issued Circular 2023-03 reminding creditors of the requirements under the Equal Credit Opportunity Act and Regulation B regarding adverse action notices. The Circular summarizes the regulatory provisions that a notice of credit denial provided to a consumer must be specific and state the principal reasons for denial of credit Read More »

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 December 15, 2020, Governor Cuomo signed into law amendments to the New York State Finance Law and the New York State General Municipal Law relating to payment of retainage to contractors of public works projects. The amendments are widely supported by New York State's construction industry. The amendments clarify the definitions of substantial completion Read More »

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 »

In November 2019, Governor Cuomo signed several bills into law that benefit veterans and active duty military in the areas of eligibility for benefits, real property tax exemption, education, employment, and others. Chapter 481 of the Laws of 2019 directs the New York State Division of Veterans’ Services (DVS) to maintain a Discharge Upgrade Advisory Read More »

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 »