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Read need-to-know updates, commentary, and analysis on Construction issues written by leading professionals.

Rebuilding After Hurricanes Harvey and Irma: Recovery Through Tax Deductions

by Bowditch & Dewey on

It is estimated that less than 20% of those affected by Hurricane Harvey, and a week later Hurricane Irma, had flood insurance. Home owner’s and renter’s insurance policies exclude damage caused by floods. Those affected...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

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 North Carolina Sales Tax Provisions for Contracts Related to Real Property

by Nexsen Pruet, PLLC on

This alert is relevant for contractors who perform construction services on real property in the state of North Carolina. In South Carolina, contractors remain subject to the traditional sales or use tax at the time of all...more

Construction Industry Scheme - taxing our landlords and tenants

by Reed Smith on

The Construction Industry Scheme (‘CIS’) requires contractors to withhold tax from payments to subcontractors in relation to certain construction work. It is easy to assume that CIS only applies to mainstream contractors, but...more

Third Circuit Deals Blow to Jersey City Ordinance Requiring PLAs on Privately Funded Projects in Exchange for Tax Abatements

by Genova Burns LLC on

Jersey City’s Municipal Code offers real estate developers generous tax exemptions that are designed to spur the City’s economic growth, but the tax incentives have strings attached. Specifically, to receive a tax exemption,...more

2016 Oklahoma Tax Legislation

by GableGotwals on

Investment/New Jobs Credit, $25 Million Cap, 2016-2018. The income tax credit for investment in manufacturing facilities or increasing jobs was amended to provide that for tax years beginning on or after January 1, 2016, and...more

Obligation to Perform Work and Incur Costs Under Construction Contract is a Section 752 Liability

by Miles & Stockbridge P.C. on

In a recently issued Private Letter Ruling (PLR 201608001), the IRS determined that a taxpayer-partnership’s obligation to perform work and incur costs under a long-term construction contract constituted a partnership...more

Spotlight on Mississippi: Supreme Court Rules Against Department of Revenue's Claimed Entitlement to Deference

by Baker Donelson on

The Mississippi Supreme Court recently declined to give deference to the findings of the Department of Revenue in Miss. Dept. of Revenue v. Hotel and Restaurant Supply because the Department's findings were contrary to the...more

Softwood Lumber, Construction and Building Products Companies in Limbo as U.S. and Canada Attempt to Resolve New Softwood Lumber...

by Dickinson Wright on

Softwood lumber producers, remanufacturers, construction, building products companies, importers and shippers are waiting to see whether the United States and Canada can work towards heading off another softwood lumber trade...more

Code Section 752 Liabilities Include Obligations Under Construction Contract

by Charles (Chuck) Rubin on

Partners in a partnership receive adjusted basis in their partnership interests for their allocable share of partnership liabilities. Since basis will allow for distributions to be made to partners without gain, losses to be...more

Corporate E-Note - December 2015

by Burr & Forman on

In an article published in the November 2015 issue of North American Builders, Jason Nimmer provides insight on what it takes to successfully deliver manufacturing-related construction jobs in today’s fast-paced building...more

Summary of the Business License Tax Increase for Contractors in the City of Birmingham

by Baker Donelson on

A massive tax increase on contractors located and doing business in the City of Birmingham, Alabama, has been avoided, but recent amendments that go into effect January 1, 2016, still present significant increases and changes...more

Indiana Tax Court Nullifies Retroactive Property Tax Assessments for Lack of Proper Notice

by Faegre Baker Daniels on

On May 12, 2015, the Indiana Tax Court ruled on the property tax appeals for two residential parcels owned by Property Development Company Four, LLC (the “Company”), which in 2003 bought two parcels in Grant County upon which...more

Construction & Engineering Toolkit: The Construction Industry Tax Deduction Scheme (CIS) - August 2015

by DLA Piper on

In This Issue: The Construction Industry Tax Deduction Scheme (CIS) The Construction Industry Scheme (or CIS, as it is more commonly known) is a tax deduction scheme. It concerns construction work and...more

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

by Snell & Wilmer on

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

Under Construction - March 2015

by Snell & Wilmer on

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

Sound Bites from Infocast Wind Finance 2015

The Infocast Wind Power Finance & Investment Summit 2015 was held from February 10 to 12 in San Diego. Below are selected sound bites regarding the tax equity market and other finance related matters....more

New This Month: MO Supreme Court Limits the Construction Industry's Use of Certain Sales and Use Tax Exemptions

by Polsinelli on

On January 13, 2015, the Missouri Supreme Court issued three decisions on sales and use tax that have limited the construction industry's ability to utilize certain exemptions in those areas. Companies that utilize such...more

Tax Extenders Signed into Law; Production Tax Credit Extended for Facilities Beginning Construction in 2014

Earlier today, President Obama signed the Tax Increase Prevention Act of 2014 (H.R. 5771) into law, following its passage through Congress on Tuesday. Among other things, the act will provide a one-year retroactive extension...more

Going Multijurisdictional - Laying the groundwork for shared business parks

by Nexsen Pruet, PLLC on

It is a basic, universally accepted fact that in order for an area to win new recruitment projects—and in some cases retain expansions of an existing company facility that will be on a site other than its current...more

Policy Observer - September 2014

All Sums or Pro Rata: Did You Get the Coverage You Bought? In recent decades, liabilities stemming from long-term bodily injury or property damage—as from exposure to asbestos or contamination of the environment—have...more

Developers Turn to Tax Opinion Insurance to Solve the “Starting Physical Work of a Significant Nature” PTC Eligibility Issue

Industry reports suggest that three developers have purchased tax opinion insurance to provide financial assurance to tax equity investors that their projects will be production tax credit (“PTC”) eligible. Use of this...more

Public Finance: New York State Establishes New Procedure for Claiming Sales Tax Exemptions for Industrial Development Agency...

The New York State Department of Taxation and Finance ("NYSDTF") has established a new procedure for claiming sales tax exemptions for Industrial Development Agency ("IDA") projects. Beginning June 1, 2014, companies that...more

PA Tax Law News: December 2013 -- Sales Tax - Mine Site Preparation

by McNees Wallace & Nurick LLC on

On November 15th, the Pennsylvania Department of Revenue updated and reissued Sales and Use Tax Bulletin 2012-01, addressing sales and use tax issues with respect to drilling site preparation in the Marcellus Shale. As...more

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