U.S. Treasury

Capital Infusion - May 2013: Tax Consequences: Noncompensatory Partnership Options

by Sean Clancy, Adam Connatser, Lindsay Faine, Jon Finger, Rani Hauth Guerra, J. Atwood Jeter, David McLean, George Schutzer | Patton Boggs LLP on 5/14/2013

The Department of the Treasury and the Internal Revenue Service issued final regulations, effective February 5, 2013, concerning the tax consequences of noncompensatory options and convertible instruments issued by a...more

Treasury Proposes Minimum Value Rules for Health Plans

by Kurt Anderson, Brian M. Pinheiro | Ballard Spahr LLP on 5/9/2013

The U.S. Department of the Treasury has published proposed regulations that provide guidance on how an employer may determine whether its group health plan provides “minimum value.”...more

Energy And Environment Update -- May 6, 2013

by Jordan Collins, David Leiter, Neal Martin, Bryan M. Stockton | Mintz Levin - Environmental Law on 5/8/2013

In This Issue: Energy & Climate Debate; Congress; Administration; Department of Energy; Environmental Protection Agency; Department of Interior; Department of Defense; Nuclear Regulatory Commission; Federal Energy...more

U.S. Treasury Advises Against Dodd-Frank Alterations

by Elan Mendel | Shipkevich PLLC on 5/8/2013

The U.S. Treasury Department is opposing a number of proposals that would alter new derivatives regulations in the Dodd- Frank Wall Street Reform Act....more

Planning For The Affordable Care Act's Net Investment Income Tax

by Arianne Plasencia | Carlton Fields on 5/3/2013

The new Internal Revenue Code ("IRC") Section 1411, which imposes a 3.8 percent tax on net investment income ("NII") was passed as part of the Affordable Care Act of 2010 ("ACA") and is effective for tax years beginning on or...more

Section 1603 Cash Grant Modified Annual Report Form

by Pamela Charles | Davis Wright Tremaine LLP on 5/3/2013

Recipients of Section 1603 cash grants are required by the Terms and Conditions of the program to provide annual project performance reports to the Treasury Department for the first five years after the project is placed in...more

U.S. Department of the Treasury Announces $3.5 Billion in Federal New Markets Tax Credit Allocation Authority

by Amelia Frankel, Jarrod Sharp, Jennifer Simmons | Thompson Coburn LLP on 4/26/2013

Yesterday the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (the “CDFI Fund”) announced the award of $3.5 billion in Federal New Markets Tax Credit (NMTC) allocation authority through its...more

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

by Christina Novotny, George Skupski, David Strauss | BakerHostetler on 4/25/2013

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

Financial Services Legislative and Regulatory Update -- April 22, 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 4/22/2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - It was another incredibly busy week, but obviously our thoughts and...more

Legal Alert: Administration Proposes To Limit Access to Death Master File

by David Arrojo, Wilson Barmeyer, Marlys Bergstrom, Ellen Dunn, Phillip Stano, Steuart Thomsen, Mary Jane Wilson-Bilik | Sutherland Asbill & Brennan LLP on 4/16/2013

Over the past two years, states have undertaken various initiatives – including audits, exams, regulations, and legislation – intended to require insurers to compare their life insurance policy records with the record of...more

Departments Release Waiting Period Regulations for Group Health Plans

by Christopher K. Buch, Russell E. Greenblatt | Katten Muchin Rosenman LLP on 4/3/2013

On March 18, the Departments of Health and Human Services, Labor and Treasury (the Departments) issued joint proposed regulations on the Patient Protection and Affordable Care Act’s prohibition of waiting periods of longer...more

Energy And Environment Update -- April 1, 2013

by Jordan Collins, David Leiter, Neal Martin, Bryan M. Stockton | Mintz Levin - Environmental Law on 4/2/2013

In This Issue: Congress; Administration; Department of Energy; Environmental Protection Agency; Interior Department; Department of Homeland Security; Department of State; Department of Treasury; Government...more

Financial Services Quarterly Report - First Quarter 2013: FATCA: Next Steps for Asset Managers

by Adrienne Baker, Karl Paulson Egbert, Michael Hirschfeld | Dechert LLP on 3/27/2013

The U.S. Department of the Treasury (“Treasury”) and the U.S. Internal Revenue Service (“IRS”) released final regulations (“Regulations”) on January 17, 2013 implementing the Foreign Account Tax Compliance Act (“FATCA”).1...more

Fully-Insured Expatriate Health Plans Get Extra Time to Comply with PPACA

by Tzvia Feiertag | Proskauer - ERISA Practice Center on 3/21/2013

Recognizing that expatriate group health plans may find it impossible, or nearly impossible, to comply with all of the relevant provisions of the Patient Protection and Affordable Care Act of 2010 (PPACA), the U.S. Labor...more

Treasury Department: Bitcoin Dealers Are Regulated Under Money-Laundering Laws

by Jeff Ifrah on 3/20/2013

Timothy Lee at Forbes magazine has reported today that the Financial Crimes Enforcement Network (FinCEN), a branch of the Treasury Department, has issued new guidelines on the legal status of Bitcoin under U.S. money...more

Tough New Iran Sanctions Could Impact Automotive Suppliers

by Gregory Husisian, Christopher Swift | Foley & Lardner LLP on 3/15/2013

Multinational companies in the automotive supply sector could face heightened enforcement risks under new sanctions on Iran. Effective March 8, 2013, U.S. parent companies will become liable for Iran-related sanctions...more

Bipartisan Group of Senators Wants Clarification of "Commencement of Construction" Under the Wind PTC

by Kimberly Barnashuk | Phillips Lytle - Renewable Energy on 3/15/2013

Last week, a group of U.S. Senators submitted a letter requesting swift clarification by the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) of language regarding the wind production tax...more

Senate Committee on Banking Holds Hearing on Lax Enforcement of the Bank Secrecy Act

by Fuerst Ittleman David & Joseph, PL on 3/13/2013

As recently reported, the Senate Committee on Banking, Housing and Urban Affairs (information here), on March 7, 2013, held a hearing on “Patterns of Abuse: Assessing Bank Secrecy Act Compliance and Enforcement”. The...more

Energy And Environment Update -- March 11, 2013

by Jordan Collins, David Leiter, Neal Martin, Bryan M. Stockton | Mintz Levin - Environmental Law on 3/12/2013

In This Issue: Energy and Climate Debate; Congress; Administration; Department of Energy; Environmental Protection Agency; Interior Department; Department of Commerce; Treasury Department; Federal Energy Regulatory...more

Senate Confirms Jack Lew As Treasury Secretary

by BuckleySandler LLP on 3/11/2013

On February 27, the U.S. Senate confirmed President Obama’s nominee for Treasury Secretary, Jack Lew, by a vote of 71-26. ...more

Sequestration Reduces Treasury Grant Awards to Renewable Energy Projects by 8.7 Percent

by Nicola Lemay, Adam Wade | Foley Hoag LLP on 3/7/2013

According to Treasury Department guidance issued March 4, 2013, grants awarded to renewable energy project owners under the Treasury’s Section 1603 grant program on or after March 1, 2013 will be reduced by 8.7 percent due to...more

Second Phase of Qualifying Advanced Energy Program Announced

by Nathaniel Kupferman | Berkeley Research Group, LLC on 3/6/2013

The Department of Energy (DOE) and Department of the Treasury have announced a second phase in the qualifying advanced energy property program. The second phase will make $150 million in Advanced Energy Manufacturing Tax...more

Treasury Releases Message on Impact of Sequestration on 1603 Cash Grants

by John A. Eliason | Foley & Lardner LLP on 3/5/2013

On March 4, 2013, U.S. Treasury released guidance on the impact of the across-the-board spending cuts known as “sequestration” to the Section 1603 cash grant program. As stated in the message, payments under Section...more

Energy And Environment Update -- March 4, 2013

by Jordan Collins, David Leiter, Neal Martin, Bryan M. Stockton | Mintz Levin - Environmental Law on 3/5/2013

In This Issue: Energy and Climate Debate; Congress; Administration; Department of Energy; Environmental Protection Agency; Interior Department; Department of Agriculture; Department of State; Treasury Department;...more

Financial Services Legislative And Regulatory Update -- March 4‚ 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 3/4/2013

In This Issue: Leading the Past Week; Legislative Branch; House of Representatives; Executive Branch; Miscellaneous; and Upcoming Hearings. Excerpt from Leading the Past Week - On Friday evening President...more

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