News & Analysis as of

Tax Construction

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

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

New York's 421-a Tax Exemption for New Residential Buildings is Back

by Holland & Knight LLP on

The New York State Legislature has passed and Gov. Andrew Cuomo has signed legislation re-establishing the 421-a Tax Exemption Program after a nearly two-year hiatus. The program, which was first put in place in the early...more

New 421-a Legislation

The recently adopted state budget bill included the long-awaited revisions to the 421-a program. These amendments to the Real Property Law, dubbed the “Affordable New York Housing Program,” provide partial exemptions from...more

New York State lawmakers pass final budget

by Dentons on

The weekend of April 9 saw the passage of the New York State budget after the state Assembly and Senate, respectively, closed out Saturday and Sunday legislative sessions at the state Capitol in Albany. The final passage...more

Money, Dirt and Steel: Spring 2017

by Williams Mullen on

When Are Your Subcontractor's Employees Your Employees? In January, the Fourth Circuit Court of Appeals entered its decision in Salinas v. Commercial Interiors, Inc., ruling that a contractor and its subcontractor can be...more

Baltimore’s Homeless Youth: The Cost of Eliminating the Low-Income Housing Tax Credit Market

by Miles & Stockbridge P.C. on

The Low-Income Housing Tax Credit (“LIHTC”) is one of the most important resources for creating affordable housing in the United States today. Created by the Tax Reform Act of 1986, the LIHTC program gives State and local...more

Real Estate & Construction Law Update

by Barley Snyder on

Death and Residential Leases: What Landlords Need to Know - A new state law has created a much-needed shift in the state’s landlord/tenant law for residential leases that real estate professionals need to be familiar...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

Gov. Haslam Expands His IMPROVE Act

Gov. Haslam expanded his IMPROVE Act this week. He amended the act to allow local referendums on surcharges to existing local taxes as a means to pay for public transit projects. The new surcharge options apply to local...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

OCTA Signs DB Contract for $1.9 Billion Managed Lanes Project in California

by Nossaman LLP on

Last week the Orange County Transportation Authority executed the design/build contract for the I-405 Improvement Project with OC405 Partners, a joint venture consisting of OHL USA and Astaldi Construction Corporation. With a...more

New Markets Tax Credits – the Best Kept Secret in Financing Public Projects

by Best Best & Krieger LLP on

Right before Thanksgiving 2016, the federal government announced the release of $7 billion of tax credits aimed at spurring private equity investment into projects in low income communities. Administered through the U.S....more

Wisconsin Supreme Court Clarifies Required Assessment Methodology for Section 42 Housing

by Foley & Lardner LLP on

Regency West concerned the 2012 and 2013 assessments of a newly constructed 72-unit Section 42 housing development. For 2012 (the first tax year following completion of construction), the city assessed the property at...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 Issues New Guidance on the Beginning of Construction Safe Harbor For Renewable Energy Projects

by Foley & Lardner LLP on

The IRS recently issued Notice 2017-4 (the “Notice”) which makes two important changes to its “beginning of construction” rules for taxpayers seeking to take advantage of the section 45 renewable electricity production tax...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

IRS Extends Continuity Safe Harbor Until December 31, 2018

On December 15, 2016, the US Internal Revenue Service (the “IRS”) released Notice 2017-4 (the “Notice”), which updates previous IRS “start of construction” guidance by extending the Continuity Safe Harbor to December 31,...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

West Coast Real Estate Update: November 2016 #3

by Holland & Knight LLP on

Owners, Developers Face Challenges Converting Parking to E-Commerce Delivery Space - Because millennials make up an increasing number of urban residents, owners and developers of apartment and condominium buildings are...more

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