Tax Construction

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News & Analysis as of

SB 628: Investing Tax Increment in Infrastructure and Economic Development

It will be slightly easier for municipalities and special districts to harness the tax increment for financing infrastructure projects under Senate Bill 628. Infrastructure Financing Districts, which have existed in...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

Senate Approves Energy Tax Extenders

On Tuesday, December 16, 2014, the U.S. Senate passed the tax extenders bill by a vote of 76-16, extending a number of energy tax incentives through the end of the year. The Senate’s passage of H.R. 5771 followed the U.S....more

Senate Passes PTC Extension for 2014

The Tax Increase Prevention Act of 2014, H.R. 5771, was passed by the Senate on December 16 and by the House on December 3. The President is expected to sign the bill in the coming days. ...more

Turning Manure into megawatts (Swine Farm Biogas Renewable Energy Project)

As I noted in my last post, Withers & Ravenel’s Swine Farm Biogas Renewable Energy Project, located in Bladensboro, North Carolina, is one of this year’s ACEC Excellence in Engineering Award winners....more

House Approves Energy Tax Extenders

Last week, the U.S. House of Representatives (House) overwhelming approved a $42 billion tax extenders bill. The bill, H.R. 5771, includes extensions of nearly $10 billion in energy tax incentives through the end of 2014. ...more

Arizona Prime Contracting Tax Reform is Knocking at Your Door; Are You Ready?

By now, many within the construction industry in Arizona are aware that significant effort has been made over the past few years to reform Arizona’s state and local transaction privilege tax (TPT) system, particularly as it...more

House Passes PTC Extension through End of 2014

Today, the House passed H.R. 5771. To become law, H.R. 5571 must still pass the Senate and be signed by the President. We expect both of those steps will occur by the end of the year....more

Australia and China Free Trade Agreement

This week, following the successful hosting of the G20 summit, the Australian Federal Government signed a declaration of intention with China to bring into force a China-Australia Free Trade Agreement (ChAFTA). The agreement...more

FAQs Expiration of 30 Percent ITC After 2016

Some industry participants and observers are confused about what the investment tax credit (ITC) rules for solar will be on January 1, 2017. In an effort to provide some clarity to this issue, below are frequently asked...more

Low-income housing tax credit workouts and bankruptcies: Understanding the basics

Note: This post is the first in a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects....more

Goodwin Procter and Boston Bar Association Host “Gaming in Massachusetts: Where Do We Go From Here?” Expert Panel

Just nine days after Massachusetts voters overwhelmingly supported a future for gaming in Massachusetts by rejecting an effort to repeal the state’s casino law, Goodwin Procter’s Gaming and Gambling Practice co-hosted an...more

Going Multijurisdictional - Laying the groundwork for shared business parks

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

Land and Buildings Transaction Tax: Residential and non-residential property

The Land and Buildings Transaction Tax ("LBTT") will replace Stamp Duty Land Tax ("SDLT") in Scotland on 1 April 2015. LBTT is being introduced under the Land and Buildings Transaction (Scotland) Act 2013 ("the 2013 Act"),...more

State and Federal Departments of Labor Joining Forces to Fight Employee Misclassification

Last month, major North Carolina newspapers ran a series of investigative reports alleging that construction companies with federal contracts routinely misclassify employees as independent contractors. While these articles...more

CRS Report on the Production Tax Credit

On October 2, the Congressional Research Service (CRS) published an overview of the production tax credit (PTC). The report is available below. It contains a helpful summary of the history of the PTC and an insightful...more

Four bills broaden the appeal of IFDs as a funding mechanism for local infrastructure, environmental mitigation, private...

Four bills affecting infrastructure financing districts, a funding mechanism for infrastructure and development projects that benefit the broader community, were recently signed by Gov. Jerry Brown. IFDs, created in 1990,...more

Senate Finance Committee Holds Hearing on Energy Tax Reform

Tax reform has been a hot topic as of late, particularly for the energy sector. On September 17, 2014, the Senate Finance Committee continued the focus on energy tax reform by holding a hearing on “Reforming America’s...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

Cook County adopts new Class 7C property tax incentive: key points for commercial developers

The Cook County Board of Commissioners has adopted a new commercial real estate tax incentive known as the Class 7c Commercial Urban Relief Eligibility incentive aiming to encourage real estate development in the Chicago...more

Cook County Property Tax Incentives Continue to Expand

Cook County continues to increase the number of commercial and industrial properties eligible for reduced property tax assessments. Recently, the County amended the Real Property Assessment Classification Ordinance to add the...more

IRS Clarifies and Expands "Beginning Construction" Tests for Production Tax Credit and Investment Tax Credit

In 2013, the Internal Revenue Service established two “beginning construction” tests – a physical work test and a 5% safe harbor test – to determine eligibility for the production tax credit (PTC) and investment tax credit...more

IRS Releases New Guidance on Beginning of Construction

The IRS recently released Notice 2014-46 (the Notice) which provides welcome guidance to tax equity investors and developers on the construction of wind, geothermal, biomass, landfill gas and certain hydropower and marine...more

IRS Comments on its PTC Start of Construction Guidance

On August 20, the American Wind Energy Association (AWEA) held a webinar to discuss Internal Revenue Service (IRS) Notice 2014-46, which clarified the rules for wind projects to be grandfathered for production tax credit...more

Notice 2014-46 Provides Additional Guidance on Eligibility of Wind and Other Renewable Energy Facilities for the PTC or the ITC

On August 8, 2014, the Internal Revenue Service (IRS) released Notice 2014-46 (the “Notice”), which provides some important clarifications with respect to the requirement that construction of a project commence prior to...more

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