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MoFo New York Tax Insights - Volume 5, Issue 3 - March 2014

In This Issue: Court of Appeals Reverses Gaied “Permanent Place of Abode” Decision; ALJ Holds That Certain Data Processing Services Furnished to Broker-Dealers Are Not the Licensing of Software; Trial Court Allows...more

IRS Releases Guidance on Current Refunding of Recovery Zone Facility Bond Issues

On January 13, 2014, the IRS released Notice 2014-9 which contains guidance on the refunding of Recovery Zone Facility Bonds (“RZFBs”) with another issue of RZFBs if certain conditions are met....more

New Jersey Offers Financing Incentives for Real Estate Investments

On September 18, 2013, Governor Christie signed the New Jersey Economic Opportunity Act (the “Act”) into law. The Act is intended to spur job creation, promote redevelopment of underutilized urban and suburban areas, and...more

Firm Client Tucker Development is Awarded More Than $38m in Tax Breaks for Newark Project

Firm client Tucker Development was awarded more than $38M in subsidies in the form of bond financing and tax breaks by the Economic Development Authority to fund its mixed use development project on Springfield Avenue in...more

Decision on Florida CDD Has Broad Implications for Tax-Exempt Bonds

The IRS issued a Technical Advice Memorandum (TAM) on May 9, 2013, that the Village Center Community Development District (the "District") is not a division of state or local government, and therefore is not a political...more

U.S. Treasury Awards $3.5 Billion in New Markets Tax Credit Allocations

On April 24, 2013, the U.S. Department of the Treasury's Community Development Financial Institutions Fund (the CDFI Fund) announced the community development entities (CDEs) selected to receive the $3.5 billion in New...more

Treasury Department Announces $3.5 Billion in New Markets Tax Credit Allocation Awards

Eighty-five community development entities (CDEs) have been selected to receive $3.5 billion in New Markets Tax Credit (NMTC) allocation authority in the 2012 round of the NMTC Program. The announcement of the latest round of...more

Gaming Legal News - April 11, 2013 • Volume 6, Number 9

In This Issue: - MICHIGAN GAMING CONTROL BOARD APPROVES ATHENS ACQUISITION TRANSACTION: At its April 9 monthly meeting, the Michigan Gaming Control Board (“MGCB”) approved Athens Acquisition LLC’s acquisition...more

2013 Federal Budget Impact On Mining Activities

The good news is that the mineral exploration tax credit of 15% has been extended for an additional year. In addition, the budget has made an amendment to Section 66.1(6) of the federal tax legislation to add the words...more

Budget Briefing 2013

The Honourable Jim Flaherty, Minister of Finance, tabled Budget 2013 today. In his Budget Speech, the Minister lauded Canada’s economic strength and achievements over the last seven years, while acknowledging that there are...more

Myanmar Issues Foreign Investment Law Implementing Regulations

Summary - On January 31, 2013, the Ministry of National Planning and Economic Development released the new Implementing Regulations for the Myanmar Foreign Investment Law No. 21 (FIL No. 21). President U Thein Sein...more

Top 10 Indian Tribal Tax Developments in 2012 and Priorities for 2013

In This Issue: - Fiscal Cliff Concerns: Impact of Expiring Tax Provisions and Rising Tax Rates - General Welfare Tax Planning in the Wake of IRS Guidance Offering Safe Harbors - New Developments in Income from...more

The Fiscal Cliff for Condominium Developers

Heard enough about the fiscal cliff? Condominium developers should take into consideration the potential liability for assessments on developer owned condominium units when structuring condominium regimes to avoid their own...more

New Markets Tax Credit Financing (Presentation)

NMTC Background - •At the time of enactment, the New Markets Tax Credits (NMTCs) program was the largest federal subsidy created for economic development in low-income communities. •The NMTCs program was...more

New Age Split Dollar - Leveraging the Unified Credit Using Split Dollar – Part 2

The tax time bomb is due to explode. On January 1, 2013, the top estate tax bracket increases from 35% to 55%. The exemption equivalent drops from $5.25 million-$1 million per taxpayer. Tax payers in the California,...more

Legislature Adjourns Sine Die

The State Legislature finalized three major bills—the tax bill, bonding bill, and the stadium bill—this week after long floor debates and dozens of amendments. Lawmakers ultimately put their stamp of approval on the three...more

Renewable Energy Projects: Tax-Exempt and Other Tax-Advantaged Financing

The term “renewable energy” describes energy that comes from natural resources that are naturally replenished, including solar energy, wind energy, geothermal energy, bio-energy, wave power, tidal power and hydroelectricity....more

Tax Increment Finance (TIF) Heats Up

Tax Increment Finance continues to be a hot topic at the capitol. The House has its bill, HF2460, on the calendar for debate in the House. Many groups interested in economic development are following this legislation and are...more

$3.6 Billion dollars has recently been announced as awarded by the Treasury to New Market Tax Credits allocates

The New Markets Tax Credit (“NMTC”) program is administered by Treasury Department’s Community Development Financial Institutions (“CDFI”) Fund. The program is designed to stimulate job creation, and encourage investment in...more

Pennsylvania and West Virginia Move Tax-Break Bills to Lure Petrochemical Plant, Hundreds of Jobs

Originally published in Marcellus Shale Law and Policy Update A legislative proposal that would expand Pennsylvania's tax-incentive zones is one of the lures the state is using to convince Shell Oil Company to...more

Redevelopment Update: New Legislation and Designation of Successor Agencies

Despite the launch of two bills — one that would delay the effective dissolution date of redevelopment agencies (RDAs) across the state and another that would allow cities to retain affordable housing funds — cities are...more

Supreme Court Upholds Dissolution of Redevelopment Agencies and Invalidates "Pay to Play" Option

After months of legal uncertainty, the California Supreme Court today issued its opinion in California Redevelopment Association, et al. v. Matosantos, Case No. S194861, marking the end of California’s 400+ redevelopment...more

IRS Releases Guidance on Refinancing Projects Financed with Go Zone Bonds

The IRS has released Notice 2012-3, which provides that projects originally financed with tax-exempt Gulf Opportunity Zone Bonds (“GO Zone Bonds”) may be refinanced on a tax-exempt basis after December 31, 2011, the date on...more

Conservation Easements–Using The IRS Audit Manual To Avoid Issues

An owner of real property that donates a conservation easement to a qualified organization may be able to deduct the value of the easement for income tax purposes. Such a deductible contribution requires the contribution of a...more

New Economic Transformation and Facility Redevelopment Tax Credits Provide Additional Economic Incentives for Areas of New York...

The New York State FY 2011-12 budget provides targeted, location-based tax incentives for areas affected by the closure of prison and juvenile justice facilities. Eligibility for the benefits is confined generally to the...more

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