On May 27, 2020, the IRS issued Notice 2020-41, which responds to industry-wide supply chain disruptions due to the COVID-19 pandemic by giving renewable energy developers additional time to complete their projects. Most...more
5/31/2020
/ Begun Construction Test ,
Biomass ,
Energy Projects ,
Geothermal Energy ,
Hydropower ,
Investment Tax Credits ,
IRS ,
Production Tax Credit ,
Qualified Energy Facilities ,
Renewable Energy ,
Safe Harbors ,
Solar Energy ,
Tax Credits ,
Wind Power
The ability to have a Paycheck Protection Program (PPP) loan forgiven is perhaps the most important part of the program—turning a low-interest loan into a grant. ...more
On May 16, 2020, Maine Revenue Services released a Tax Alert, updating taxpayers on a number of tax-related developments, including Governor Mills’ May 12 executive order and updated MRS FAQ answers....more
On May 13, 2020, the Small Business Administration (SBA) updated its Frequently Asked Questions (FAQs) to provide important safe harbors on the Paycheck Protection Program’s (PPP) requirement that a borrower make a good faith...more
Late on April 30, 2020 the IRS provided rather unwelcome guidance to Paycheck Protection Program (PPP) loan borrowers and potential borrowers. IRS Notice 2020-32 provides that no deduction will be allowed for otherwise...more
Maine Governor Janet Mills recently announced that the second quarter estimated tax payment deadline has been extended to July 15, 2020. ...more
***Update*** On April 28, Treasury Secretary Steven Mnuchin announced that the SBA will do a full review of any loan more than $2,000,000 under the PPP program. He also warned of criminal liability for borrowers who...more
5/1/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Criminal Liability ,
Eligibility Determination ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Secretary of the Treasury ,
Small Business ,
U.S. Treasury
Last week, hundreds of thousands of applications for loans under the Paycheck Protection Program (PPP) were submitted to banks all over the country, and it’s likely that many more will be submitted in the coming weeks. ...more
4/19/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
Due to the ongoing COVID-19 pandemic, the state of Maine has extended its property tax exemption application deadlines, and New Hampshire is now offering some business tax and interest and dividends tax relief....more
On March 27, 2020, Massachusetts Governor Charlie Baker announced that Massachusetts will extend the due date to file and pay Massachusetts personal income tax from April 15, 2020 to July 15, 2020, conforming to the federal...more
The CARES Act (H.R. 748) passed by the Senate last night would provide several elements of temporary tax relief. The Act has not yet been approved by the House, and is therefore not yet final.
...more
On March 21, 2020, in response to the coronavirus pandemic, the U.S. Treasury Department and Internal Revenue Service announced that the federal income tax filing and payment deadline has been extended to July 15, 2020. The...more
On January 12, 2020, Governor Janet Mills signed L.D. 1645, establishing a Maine affordable housing tax credit (AHTC). The Maine State Housing Authority (MaineHousing) will be tasked with administering and allocating $80...more
2/18/2020
/ Affordable Housing ,
Critical Infrastructure Sectors ,
Homeless Issues ,
Housing Market ,
Low-Income Issues ,
New Legislation ,
Real Estate Development ,
Rental Property ,
Rural Areas ,
Rural Development ,
State and Local Government ,
Tax Credits ,
Urban Planning & Development
The federal Opportunity Zone (OZ) program, created in December 2017, has been a major topic of discussion for investors, businesses, and project developers alike. It seems, however, that the utilization of the OZ program has...more
11/7/2018
/ Capital Gains ,
Community Development ,
Economic Development ,
Investment Funds ,
Investment Opportunities ,
Low-Income Issues ,
Opportunity Zones ,
Public Finance ,
Real Estate Development ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Incentives ,
Tax Reform
Maine Revenue Services (MRS) issued guidance and amended the Maine corporate income tax return instructions last week to explain Maine’s conformity to federal taxation of deferred foreign income, also called deemed...more
Maine Revenue Services (MRS) issued guidance late last week responding to the state’s recently-enacted tax conformity legislation. ...more
10/2/2018
/ Income Taxes ,
Internal Revenue Code (IRC) ,
Local Taxes ,
New Guidance ,
SALT ,
State and Local Government ,
State Taxes ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
Tax Returns
On July 4, 2018, Maine passed a law to extend the state’s Pine Tree Development Zone (PTDZ) program for three years. ...more
The Tax Cuts and Jobs Act of 2017 created a new economic development program that encourages long-term investments in low-income areas, so-called “Opportunity Zones,” by offering tax deferral for capital gains reinvested in...more
5/23/2018
/ Community Development ,
Economic Development ,
Investment Funds ,
Low-Income Issues ,
New Legislation ,
New Market Tax Credits ,
Opportunity Zones ,
Public Finance ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Trump Administration
The IRS recently announced that it is ending its Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. ...more
On Thursday, March 1, Alec Porteous, the Commissioner of the Maine Department of Administrative and Financial Services, and Dr. Michael Allen, Associate Commissioner for Tax Policy for the Maine Department of Administrative...more
3/9/2018
/ Governor LePage ,
Legislative Agendas ,
Local Taxes ,
New Legislation ,
Proposed Legislation ,
State and Local Government ,
State Taxes ,
Tax Code ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Tax Rates ,
Tax Reform ,
Trump Administration
The Tax Cuts and Jobs Act of 2017 created a significant—and little-discussed—economic development program that encourages long-term investments in so-called “Opportunity Zones” by offering temporary tax deferral for capital...more
2/27/2018
/ Community Development ,
Economic Development ,
Investment Funds ,
Low Income Housing ,
Low-Income Issues ,
New Legislation ,
New Market Tax Credits ,
Opportunity Zones ,
Public Finance ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Trump Administration
The state of Maine has waded into uncharted territory with the passage of a law that requires out-of-state sellers to collect Maine sales and use tax on their sales into Maine even if they do not have a physical presence in...more
Motor Vehicle Use Tax is Constitutional -
Regency Transportation, Inc. v. Commissioner of Revenue -
MA Supreme Judicial Court No. SJC-11873 (January 6, 2016) -
The Massachusetts Supreme Judicial Court has held...more
Owners of commercial, residential or investment property in Rhode Island who wish to challenge their property tax assessment(s) are reminded that significant deadlines are approaching that require immediate attention. The...more
In a major victory for the renewable energy industry, Congress recently passed, and the President signed into law, two significant pieces of tax legislation, the Protecting Americans from Tax Hikes (PATH) Act and the...more