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Virginia’s Tourism Development Financing Program Gains Steam Around the State

by Williams Mullen on

The unique financing alternative afforded to tourism project developers under Virginia Code Section 58.1-3851.1 creates exciting opportunities for growth in tourism and resort areas throughout the state. The expected...more

IRS Announces Disagreement with Ninth Circuit’s Holding on Completed Contract Method of Accounting

by Miles & Stockbridge P.C. on

The IRS recently announced its disagreement with the Ninth Circuit’s ruling that, with respect to planned communities, the 95% test under the completed contract method of accounting applies on a development-wide basis rather...more

Newbigin – A reality check - Newbigin v Monk

by Dentons on

It has not been rosy in the business rates garden recently. Following the Woolway v. Mazars decision, the vagaries of the business rates revaluation and the complete uncertainty and potentially adverse consequences flowing...more

Supreme Court rating decision good news for developers and property owners

by DLA Piper on

In a decision that will be welcomed by developers and property owners, the Supreme Court has held that a commercial property undergoing extensive refurbishment works was effectively exempt from business rates....more

Business Appraisers Spar Over Tax Rates, Market Approach and Other Key Issues in Fair Value Buy-Out Case

by Farrell Fritz, P.C. on

As promised in the postscript to last week’s post about the appellate ruling in the Gould case, affirming Justice Platkin’s order granting the oppressed minority shareholder’s dissolution petition involving a pair...more

New Sales Tax Law Affecting Construction Industry to Take Effect

by Smith Anderson on

A number of amendments to North Carolina’s sales tax laws applicable to the construction industry took effect January 1, 2017. These amendments will provide welcome relief to many contractors engaged in new construction....more

IRS Further Updates Beginning of Construction Guidance for Renewable Energy Tax Credits

On December 15, 2016, the Internal Revenue Service (IRS) issued Notice 2017-04, which updates prior guidance regarding the beginning of construction requirement for renewable energy tax credits under IRC sections 45 and 48. ...more

IRS Issues Additional Guidance on Beginning of Construction Rules for Renewable Projects

by McDermott Will & Emery on

On December 15, 2016, the Internal Revenue Service released Notice 2017-04, which provides welcome guidance on how to meet the “beginning of construction” requirements for wind and other qualified facilities. There has been...more

Tax break for infrastructure projects

by DLA Piper on

To implement the G20/OECD base erosion and profit shifting project, the 2016 Budget announced measures limiting tax deductions that companies can claim from their interest expenses (read DLA Piper's earlier client alert on...more

IRS Issues Notice 2017-04, Further Clarifying and Extending the "Begun Construction" Requirements for ITCs and PTCs

On December 15, 2016, the IRS issued Notice 2017-04, which clarifies and extends certain "begun construction" requirements for facilities qualifying for the Section 45 production tax credit (PTC) for which construction must...more

IRS Updates “Beginning of Construction” Guidance

by Stoel Rives LLP on

The IRS today issued highly anticipated guidance updating the “beginning of construction” requirement for the production tax credit (PTC) under Section 45 of the Internal Revenue Code (the Code) and the investment tax credit...more

Reaction to Uncertainty in Affordable Housing Industry Brought on by Trump Election

The 2016 Election has created more questions than answers for the affordable housing industry. Very little is known about President-elect Trump's vision for affordable housing. On one hand, Mr. Trump has described himself as...more

Remission of stamp duty on certain conveyance directions - Licensed housing developers

by Dentons on

Introduction - 1. Where a party (Vendor) enters into an agreement (Main Contract) to transfer any immovable property (Property) to another party (Initial Purchaser), and before having obtained a conveyance of the...more

IRS modifies and extends continuity safe harbor, clarifies other guidance for production tax credit eligibility

by DLA Piper on

The IRS has released Notice 2016-31, which extends and modifies the “continuity safe harbor” for purposes of the “begun construction” requirement applicable to the renewable electricity production tax credit (PTC) under §45...more

IRS Issues Guidance on Beginning of Construction Rules for Renewable Projects

by McDermott Will & Emery on

On May 5, 2016, the Internal Revenue Service (IRS) issued Notice 2016-31, providing guidance on meeting the beginning of construction requirements for wind and other qualified facilities (including biomass, geothermal,...more

After Extension, IRS Clarifies "Begun Construction" Guidance for PTCs

Following last year's extension of the investment tax credit for qualifying projects for which construction begins prior to January 1, 2020, and of the production tax credit (PTC) with respect to certain facilities the...more

Tax Newsletter - January / February 2016 (China & Hong Kong)

by DLA Piper on

Welcome to the latest issue of our Tax newsletter. In this issue, we have covered a number of developments and cases in the PRC and Hong Kong which could impose legal and tax implications to your business. In the PRC,...more

CHINA EXPANDS VAT REFORM TO NEW SECTORS

by DLA Piper on

China's Premier Li Keqiang has announced, in the Annual Government Working Report to the National People's Congress, held in March that Value Added Tax ("VAT") reforms will be fully implemented and expanded from 1 May 2016 to...more

New Developments in the Determination of the Texas Franchise Tax Liability

by Liskow & Lewis on

The Texas Franchise Tax is imposed on taxable entities that do business in Texas or that are chartered or organized in the state.  Taxpayers subject to the Texas Franchise Tax may compute their tax liabilities under several...more

Business Rates: Looking Ahead in 2016 – The Good, The Bad and The Maybe

by Dorsey & Whitney LLP on

Business rates are charged on the majority of commercial properties, such as shops and offices, and represent one of the largest overheads for businesses. They are calculated using the rateable value of the property (the...more

IRS Confirms that Flip Partnership Guidelines Do Not Apply to Solar Projects

by McDermott Will & Emery on

The IRS has advised that the flip partnership guidelines under Rev. Proc. 2007-65, 2007-2 C.B. 967, do not apply to solar facilities or other projects claiming the Section 48 investment tax credit (ITC). The statement, made...more

FCA affirms the importance of GAAP in computing liability for LCT rejecting the Crown’s economic substance argument

by Dentons on

The Federal Court of Appeal has once again affirmed the importance of Generally Accepted Account Principles (GAAP) in computing liability for the large corporation tax (LCT) applicable prior to 2006 while rejecting the...more

New York State Sales Tax Update

by Brian Cunningham on

New York's Department of Taxation and Finance has adopted a policy providing limited relief for certain individuals assessed as responsible persons on behalf of limited liability companies or limited partnerships....more

Owe Back Taxes? Beware of Hiring "Quick Fix" Firms

by Ronald Adams on

If you are struggling to pay your taxes, the last thing you need is to lose more money to a bogus scheme, and it is important that you be alert to the dangers of a quick fix to resolve any big tax bills....more

Business Formation Q&A

by D. Lee Gwinn on

Summarizes the different types of business entities and formational documents involved....more

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