Tax Construction

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IRS Updates Beginning of Construction Guidance for Renewable Energy Tax Credits Extended by PATH Act

On May 5, 2016, the Internal Revenue Service (IRS) issued Notice 2016-31, which updates prior guidance regarding the beginning of construction requirement for IRC sections 45 and 48 renewable energy tax credits following...more

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

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

Sales Tax Revenue Bonds Provide Critically Needed Transportation Funding Source

Funding transportation infrastructure in California is becoming increasingly difficult, as diminished gasoline taxes and other state and federal funding sources continue to be insufficient to provide fully for burgeoning...more

Tax Newsletter - January / February 2016 (China & Hong Kong)

Welcome to the latest issue of our Tax newsletter. In this issue, we have covered a number of developments and cases in the PRC and Hong Kong which could impose legal and tax implications to your business. In the PRC,...more

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

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

Perspectives - March/April - 2016

The American Logistics Aid Network (ALAN) was founded by several professional and trade associations that came together after Hurricane Katrina to help provide humanitarian relief. Today, ALAN comprises hundreds of supply...more

Will Hillsborough County Adopt Mobility Fees in April?

Part of the years-long transportation funding debate appears to be reaching a conclusion. On March 24, Hillsborough County held a well-attended public workshop regarding implementing mobility fees, which are described as...more

CHINA EXPANDS VAT REFORM TO NEW SECTORS

China's Premier Li Keqiang has announced, in the Annual Government Working Report to the National People's Congress, held in March that Value Added Tax ("VAT") reforms will be fully implemented and expanded from 1 May 2016 to...more

New Developments in the Determination of the Texas Franchise Tax Liability

The Texas Franchise Tax is imposed on taxable entities that do business in Texas or that are chartered or organized in the state.  Taxpayers subject to the Texas Franchise Tax may compute their tax liabilities under several...more

2016 Minnesota Session Begins

Acrimony and Lengthy Debate - The 2016 Minnesota Legislative Session convened at noon on Tuesday, March 8. With a condensed ten week calendar, it will be a race against the clock to complete business. The House spent the...more

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

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

Conservation Easements FTW! Or, Eagles 1; IRS 0

What’s a real estate developer to do when its pristine development site, with beautiful ocean views and room for between 164 and 410 upscale residential units that *NEED NOT BE BUILT, is clogged with wildlife, including bald...more

Code Section 752 Liabilities Include Obligations Under Construction Contract

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

Gavel to Gavel: State tax credits needed

Drive through any downtown in Oklahoma, and you’re bound to see one. A remnant from the community’s history, now boarded up or perhaps just not being used to its full potential. The bones are still there. You can see them,...more

Perspectives - February 2016

I Just Received Drafts of Construction Loan Documents from My Lender, Now What? I have heard the following statement many, many times over the course of my career: “Do I really need to hire an attorney to close a simple...more

What Must Be Done for Wind and Solar Projects to Have “Begun Construction” under the New PTC and ITC?

With the recent extension of the federal income tax credits available for renewable energy projects, practitioners and industry participants have raised questions as to how the “begun construction” rules will apply under...more

New Rule Requires Federal Contractors to Disclose Federal Tax Delinquencies and Felonies

On December 4, 2015, the Department of Defense, General Services Administration and the National Aeronautics and Space Administration issued an interim rule amending the Federal Acquisition Regulations to implement sections...more

Business Rates: Looking Ahead in 2016 – The Good, The Bad and The Maybe

Business rates are charged on the majority of commercial properties, such as shops and offices, and represent one of the largest overheads for businesses. They are calculated using the rateable value of the property (the...more

West Coast Real Estate Update: Jan. 2016 #2

California Senate Proposes $2 Billion on Housing for Homeless - California state senators put forth a proposal on Jan. 4, 2016, to spend $2 billion to build or rehabilitate permanent housing for homeless people,...more

Win for Wind on Taxes: Federal Income Tax Wind Farm Production Credit Extended for 2015 through 2019 - "Phase-Out" Limits Credit...

Wind farm electric generation facilities in Oklahoma have received a favorable federal income tax credit extension. The federal income tax credit for production of electricity by a qualified facility from wind...more

Corporate E-Note - December 2015

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

"Congress Extends Renewable Energy Tax Credits"

On December 18, 2015, President Barack Obama signed into law the Consolidated Appropriations Act, 2016 (Act), which extends and modifies the investment tax credit for solar energy property, the production tax credit for wind...more

Wind and Solar Energy Tax Credits Extended

On Friday, December 18th, President Barack Obama signed into law the $1.1 trillion Consolidated Appropriations Act of 2016, which extended and also phased down certain renewable energy investment tax credits (ITC) and...more

Top Public Finance Attorneys Urge Regulatory Changes to Foster More P3’s

We all know how hard it is to change federal statutes these days—you need an Act of Congress and the President to sign the bill. Last week, a group of the top public finance lawyers in the US offered an approach relating to...more

IRS Amends TED Bond Volume Cap Rules to Accommodate Draw-Down Loans

The Internal Revenue Service (IRS) issued Notice 2015-83 on Dec. 4, 2015, a change that will make it easier for Indian tribal governments to use tribal economic development (TED) volume cap for "draw-down" loan structures in...more

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