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NY Property Tax Exemption Extension for Renewable Systems

The New York legislature has passed a bill that extends a real property tax exemption for wind, solar and certain other energy systems until January 1, 2025. The bill provides that real property which includes an eligible...more

SB 871 Bumps Back Repeal of Solar Energy Exclusion by Eight Years

Solar Energy Systems Will Continue to Be Excluded from Full Cash Value of Real Property - A new law extending the exclusion of solar energy systems from affecting the full cash value of real property for taxation...more

IRS Creates Narrow Distributed Generation Wind Opportunity for REITs

The IRS has opened the door a crack for real estate investment trusts (REITs) to be the lessors of wind projects. To qualify as a REIT, a corporation must satisfy a series of complicated tests that require the...more

2014 Maryland General Assembly Passes Bills Affecting Construction Industry

A number of bills were passed during the Maryland General Assembly’s 2014 legislative session that will impact certain sectors of the construction industry. Ober|Kaler has put together brief summaries of certain key...more

Proposed Regulations Expand Definition Of Real Estate For REITS To Include Solar Sites

In This Issue: - Solar Sites - The Proposed Regulations - Intangible Assets - Distinct Assets - Examples in the Proposed Regulations - Effective Date - Excerpt from Solar Sites: A key...more

Proposed Regulations Address REIT Investments in Solar Facilities

The Internal Revenue Service and the U.S. Department of the Treasury recently issued proposed regulations that may facilitate using real estate investment trusts (REITs) as vehicles for financing certain renewable energy...more

Proposed Regulations Clarify the Definition of “Real Property” Under the REIT Rules

On May 14, 2014, the Treasury Department published proposed regulations (the “Proposed Regulations”) clarifying the definition of “real property” under the real estate investment trust (“REIT”) rules. The issuance of the...more

IRS Proposes Guidance on Real Property Definition for REIT Purposes

Proposed regulations establish analytical framework for determining whether assets qualify as real property for purposes of the REIT rules. On May 14, 2014, the Internal Revenue Service (IRS) published in the Federal...more

Proposed Rules Would Offer REIT Status to Certain Solar Assets

The modified “flow-through” tax treatment afforded to REITs depends on the entity’s ability to meet certain asset and income-based tests, all of which in turn key off of the definition of “real estate.” ...more

Proposed Regulations Provide Greater Certainty on the REIT Classification of Solar and Other Non-Traditional Assets

The Internal Revenue Service (the “IRS”) and Treasury Department have proposed regulations (the “Proposed Regulations”) under Section 856 of the Internal Revenue Code providing guidance for analyzing whether non-traditional...more

Welcome Guidance on the Definition of Real Property for REITs Proposed by IRS

On May 9, 2014, the Department of Treasury and the Internal Revenue Service (the "IRS") released proposed regulations (the "Proposed Regulations") revising and clarifying the definition of real property for the purposes of...more

Proposed IRS Rule Could Allow Solar Energy REITs

President Obama announced on Friday several executive actions to advance clean energy. Among them, the Internal Revenue Service (IRS) will publish new regulations on May 14th clarifying that certain solar generating assets...more

Treasury Proposes REIT Solar Regulations but Excludes Most Common Transactions

On the same day as President Obama’s speech championing solar, the Department of the Treasury proposed regulations defining “real estate assets” for purposes of the definition of a real estate investment trust (REIT). The...more

Proposed IRS Regulations Would Qualify PV Modules as Real Property under REIT Rules in Certain Circumstances

On May 9, 2014, the Internal Revenue Service (IRS) issued proposed regulations that clarify the definition of real property for purposes of the real estate investment trust (REIT) provisions of the Internal Revenue Code....more

Extension of Eight Valuable As-of-Right Incentive Programs Included in New York State's Budget Bill

New laws may benefit developers and businesses with applications long pending and for future applicants that depend on these incentive programs to help induce investment and economic growth in the New York City. These...more

PA Tax Law News - February 2014

In This Issue: PA Governor's Budget Proposal Preserves Capital Stock/Franchise Tax Phase-out; Shopping Guides and Inserts; Documentation Requirements for Sales of Fuel Oil; Property Tax Notes; and PA Issues on Appeal -...more

California Issues Guidance on Nonprofit Property Owners Hosting Solar

The California Board of Equalization in December 2013 issued guidance to advise nonprofit real-estate owners of the property tax consequences of hosting on their tax exempt properties solar generating equipment owned by...more

IRS Publishes Safe Harbor for Monetizing Certain Tax Credits

Following Historic Boardwalk Hall LLC v. Commissioner, 694 F.3d 425 (3d Cir. 2012), which rejected a partnership's allocation of rehabilitation tax credits to a purported partner, the Internal Revenue Service (IRS) recently...more

Contemplating IRS Safe Harbor for Rehabilitation Credits and Its Impact on the Energy Investment Tax Credit

The IRS recently issued Revenue Procedure 2014-12, providing a safe harbor under which the IRS will not challenge partnership allocations of “section 47” federal rehabilitation tax credits. In the aftermath of the IRS’s win...more

IRS Guidance for Historic Tax Credit Transactions: Partnership Flips and Inverted Leases

The IRS released Revenue Procedure 2014-12 on December 30. It is available below. It addresses the structuring of historic tax credit transactions (i.e., transactions involving rehabilitation tax credits provided for in...more

California Supreme Court Update: Air Quality Emissions Reduction Credits May Be Considered in Assessing Unit Value of Power Plant,...

A power plant operator was required to purchase emission reduction credits (“ERCs”) to comply with the permitting process to build a power plant. Over the course of several years, the State Board of Equalization (“Board”)...more

The Substance of Property Tax Rule 474, Relating to the Assessment of Refineries, Was Appropriate, Valid and Consistent with...

The State Board of Equalization (“Board”) enacted a rule that the valuation of petroleum refinery property should assess the land, improvements, and fixtures as a single appraisal unit because they are generally bought and...more

New York Supports Solar with Expanded Net Metering & Sales Tax Exemptions

In July, the New York Public Service Commission increased the solar net metering limits for businesses and residences....more

Alert: Developments in Connecticut Municipal Law

Overhaul of Revenue Collection Statutes Goes into Effect this Fall - The most comprehensive overhaul of Connecticut’s municipal revenue collection statutes in decades will go into effect on October 1, 2013. Public Act...more

Stormwater Alert: Maryland Fee Program About to Become a Reality

The so called "rain tax" is about to hit property owners in Maryland. In April 2012, the Maryland General Assembly enacted a law — known as HB 987 — that requires each of the 10 most populous jurisdictions in Maryland...more

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