Construction Tax

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

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

Proposed Bonds to Encourage Public Private Partnerships And Improve Infrastructure

The nation’s infrastructure is in need of dire repair. On February 2, 2015, to encourage private investments in infrastructure through public-private partnerships (“P3s”) and as part of his 2016 proposed budget, President...more

HUD publishes impactful Revised Notice for RAD

HUD published revised Rental Assistance Demonstration (RAD) Notice, PIH 2012-32, REV-2, on Monday, June 15. The Notice addresses stakeholder feedback on RAD’s transactional and operational issues, and also incorporates key...more

[Event] The 2015 Accountant Liability Update, A Game of Risk: To Play or to Win? - June 25, Waltham, MA

LeClairRyan invites you to join us for a free half-day seminar The 2015 Accountant Liability Update, A Game of Risk: To Play or to Win? Predictability. Focus. Staying on Point. On a familiar playing field – you can make...more

The Essential Guide to UK Real Estate

This Essential Guide provides an overview of the legal and regulatory issues likely to affect developers, occupiers and investors in UK real estate. Real estate - Real estate law in England and Wales can trace...more

South Carolina Legislative Update

The Senate last week approved an amendment to the South Carolina Pain Capable Unborn Child Protection Act and gave the bill second reading. The Senate also returned the proposed body camera legislation to the House with...more

Bill introduced in Senate to create permanent LIHTC rate floors

On May 5, 2015, Senators Maria Cantwell (D-WA) and Pat Roberts (R-KS) introduced the “Improving the Low-Income Housing Tax Credit Rate Act” (S. 1193), which would create a permanent 9% minimum low-income housing tax credit...more

Tax Day Update: 2015 Inflation Adjustments and Prices for Energy Credits Released by IRS

Just in time for tax day – but 14 days behind the Congressional deadline – the IRS released the statutorily required calculations to determine the value of the Section 45 Production Tax Credit (“PTC”) credit amount in 2015,...more

Enhanced Infrastructure Districts: A Flexible New Tool for Local Governments

After the dissolution of California redevelopment agencies (RDAs) in 2011, many local governments desired a tool to raise capital to invest in infrastructure and community revitalization. On September 29, 2014 SB 628 was...more

Missouri Passes Data Center Incentive Legislation

Missouri recently joined the growing number of states that have created incentives for the construction or expansion of data center facilities. The new law, signed on April 9, 2015, provides exemptions from various state and...more

Bill Introduced in North Carolina Senate Seeks to Extend the State’s Renewable-Energy Tax Credit Through 2020

This week, a bill was introduced in the North Carolina Senate to extend the state’s renewable-energy tax credit to eligible property that is placed in service by the end of 2020. Eligible renewable-energy property would...more

IRS Issues Fourth Production Tax Credit Guidance

The Internal Revenue Service recently issued the expected Notice 2015-25, which supplements its earlier notices on the same subject and provides additional guidance to renewable energy facility developers and investors when...more

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

The Internal Revenue Service (IRS) issued Notice 2015-25 (Notice) on March 11, 2015, to provide further guidance on meeting the beginning of construction requirements for wind and other qualified facilities (biomass,...more

Are You Continuing Construction? IRS Issues Fourth Renewable Energy Tax Credit Beginning of Construction Notice

On March 11, 2015, the Internal Revenue Service (IRS) issued Notice 2015-25, which provides further guidance to assist renewable energy facility developers and investors in evaluating whether such facilities satisfied the...more

Sort Through Affordable Housing Development Acronyms

Real estate developers looking to enter the affordable housing marketplace are familiar with the acronym “LIHTC” (low-income housing tax credit), but may be wondering how one works with a public housing agency (PHA) to obtain...more

2015 Arizona Prime Contracting Transaction Privilege Tax Reform: Will This Third Annual Legislative Enactment (SB 1446) Bridge the...

For three years in a row, the Arizona legislature has enacted significant changes to the Arizona state and local tax on construction activity, known as the “prime contracting” transaction privilege tax (TPT). If anything,...more

IRS Issues Notice 2015-25 Extending Safe Harbor for Continuous Construction in Order to Take Advantage of Renewable Energy Tax...

Thursday, the IRS issued Notice 2015-25, which updates the guidance in Notices 2013-29, 2013-60, and 2014-46. These Notices provide that a taxpayer can show that it has “begun construction” of its qualified renewable energy...more

IRS Extends Safe Harbor for Completion of PTC-Qualifying Facilities to Jan. 2017

Yesterday, March 11, 2015, the Internal Revenue Service issued Notice 2015-25, which extends by one year certain tests taxpayers can use to establish that a qualifying renewable energy facility is eligible for the production...more

IRS Extends Continuous Construction/Continuous Efforts Safe Harbors for Production Tax Credit/Investment Tax Credit Qualification

Production tax credits (“PTCs”) are available for wind, biomass, geothermal, landfill gas, trash, hydropower, and marine and hydrokinetic facilities, if construction of the facility began before January 1, 2015....more

Under Construction - March 2015

Welcome to the spring edition of our Under Construction newsletter. There have been some interesting legal changes that have taken place recently with the potential to significantly impact the construction...more

IRS Publishes Favorable Guidance on PTC “Start of Construction” Rules

Today, the IRS published Notice 2015-25 that provides guidance the wind power industry has been waiting for since the extension of the production tax credit (PTC) in December....more

IRS Extends "Begun Construction" Guidance

Earlier yesterday, the IRS released Notice 2015-25, 2015-13 IRB 1, which updates the guidance provided in Notice 2013-29, 2013-1 C.B. 1085, Notice 2013-60, 2013-2 C.B. 431, and Notice 2014-46, 2014-36 I.R.B. 520...more

Energy Tax Law Alert: IRS Updates "Beginning of Construction" Guidance

The IRS today issued Notice 2015-25, updating its prior guidance in Notices 2013-29, 2013-60, and 2014-46, regarding the “beginning of construction” requirement for the production tax credit (PTC) under Section 45 of the...more

States Take More Active Role in Surface Transportation Funding

Fiscal constraints on state budgets coupled with continued uncertainty with respect to future levels of federal surface transportation funding have led states to diversify the funding sources for their transportation...more

Illinois Appellate Court Interprets Equal Terms “Comparator” Favorably for Local Government

In an important decision for local governments, the Illinois Appellate Court on March 6, 2015 issued its decision in Joan Dachs Bais Yaakov Elementary School (“JDBY”) v. City of Evanston. The decision, particularly the...more

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