Publications

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 »

Recently released IRS Notice 2020-39, provides relief for qualified opportunity funds ("QOFs"), their investors and qualified opportunity zone businesses from many upcoming deadlines due to the Coronavirus.  Previously, the IRS extended the 180-day deadline for investors to invest capital gains into a QOF to July 15, 2020. https://bhlawpllc.com/publication/irs-extends-deadline-to-invest-in-a-qualified-opportunity-fund/ The Notice provides relief for the following: An investor Read More »

The SBA released the much-anticipated SBA Form 3508, the application required for forgiveness of the Paycheck Protection Program ("PPP") loan. A borrower must submit a loan forgiveness application to its lender, not the SBA. The application includes very detailed instructions for determining the amount of the PPP loan that may be forgiven.  There are four Read More »

The Small Business Administration and U.S. Treasury Department responded to recent Congressional and media attention to businesses that received Paycheck Protection Program (PPP) loans. In public statements of Secretary Mnuchin and SBA's updated Frequently Asked Questions (FAQ) effective as of April 29, 2020, the government clarified its approach when auditing PPP loans.  A loan audit Read More »

On April 9, 2020, included among a large number of tax return filing and payment extensions, the IRS extended the deadline for taxpayer's with capital gain to invest in a Qualified Opportunity Fund. In order to defer capital gain by investing in the Qualified Opportunity Fund, the capital gain must be invested within 180 days Read More »

Municipal and governmental issuers and conduit borrowers (such as hospitals, colleges, universities and other nonprofits) are taking steps to address and mitigate direct and indirect risks and costs posed by COVID-19.  Issuers and conduit borrowers should add continuing disclosure obligations to their growing checklist of items to address with respect to COVID-19 and its impacts 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 »

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 »

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 »

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 »

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 »

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 »

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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 »

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 »

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 »

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 »