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Bond Financing

Holland & Knight LLP

U.S. Tax Court Holds Bond Financing Costs Are Includible in LIHTC Basis

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A U.S. Tax Court decision entered on Feb. 20, 2024, in 23rd Chelsea Associates LLC v. Commissioner of Internal Revenue held that bond issuance and related financing costs incurred in connection with the development of a...more

Ballard Spahr LLP

No Prevailing Wage Requirements for Pennsylvania Conduit Issuers

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In an increasingly rare unanimous ruling, the Pennsylvania Supreme Court has affirmed the Pennsylvania Commonwealth Court’s holding that Ursinus College is not subject to prevailing wage requirements for a construction...more

Stevens & Lee

Supreme Court of Pennsylvania Boosts Tax-exempt Bond Financing and Economic Development in the Commonwealth

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On Feb. 21, the Supreme Court of Pennsylvania issued its long-awaited tax-exempt bond financing decision, Ursinus College v. Prevailing Wage Appeals Board (No. 18 MAP 2023). Its opinion is a major victory for Pennsylvania...more

Bricker Graydon LLP

The Latest on Ballot Issues: HB 140 and AOS Campaign Guidance

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While Ohio municipalities generally do not rely on voted ad valorem property taxes as a primary source of funding, such taxes can serve as a useful part of a municipality’s revenue base, and state law, principally in Ohio...more

Parker Poe Adams & Bernstein LLP

Amid Soaring Construction Costs, K-12 Schools Can Turn to Bond Financing to Navigate Ongoing Issue

As the coronavirus pandemic left K-12 school districts contemplating a world of hybrid and remote learning, it also forced them to confront a big financing question. How to fund future building projects, like new or expanded...more

Cozen O'Connor

Top (Bottom?) Ten of Tax Headaches (Challenges) for Municipal Bond Issuers

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Sometimes the first step to solving (or mitigating or avoiding) problems is to identify what the problem may be to, among other things, put time on one’s side. For issuers of tax-exempt municipal bonds, there tend to be...more

Foley & Lardner LLP

Qualifying Qualified Broadband Projects: NABL’s Request for Guidance to Clarify Qualified Broadband Project Provisions

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The Infrastructure Investment and Jobs Act (“IIJA”) has provisions to encourage investment in high-speed broadband projects, but as written, the legislation leaves open for interpretation several provisions. Guidance or...more

Bricker Graydon LLP

[Webinar] Developing Property for Economic Growth - September 9th, 9:00 am - 11:00 am EST

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Bricker & Eckler attorneys, with special guest Thomas Winston, President & CEO, Toledo-Lucas County Port Authority, invite you to attend a virtual presentation that will walk you through the process of developing public or...more

Partridge Snow & Hahn LLP

IRS Private Letter Ruling Provides New Guidance On Calculating Economic Life of Certain Bond-Financed Assets

The IRS has released a Private Letter Ruling that approves a simplified method of calculating the remaining economic life of property financed with exempt facility bonds. Section 142 of the Internal Revenue Code (the “Code”)...more

Foley & Lardner LLP

Puerto Rico Case Highlights Need for Secured Parties to Adhere to Good Practices in Documenting Secured Transactions

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Manufacturers encounter financing statements in many contexts – as a borrower, as a supplier of goods sold on credit, as a seller in a leveraged acquisition, as a seller of equipment where financing is provided to the buyer...more

Goodwin

Alvotech Raises US$300 Million To Boost Biosimilar Pipeline

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Alvotech announced today that its current product pipeline of “six biosimilar monoclonal antibodies aimed at treating cancer, autoimmune, inflammatory and other diseases” will receive an injection of capital from funds raised...more

Mintz - Public Finance Viewpoints

IRS Releases Proposed Regulations Consolidating Guidance on Reissuance of Tax-Exempt Bonds

On December 31, 2018, the Department of Treasury and Internal Revenue Service released long-awaited proposed regulations (the “Proposed Regulations”) that address when modifications to the terms of tax-exempt bonds are...more

Winstead PC

Airports Now Have Greater Flexibility in Tax-Exempt Financing and Leasing Retail Portions of Their Terminals

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Under a new Internal Revenue Service private letter ruling, issuers of tax-exempt bonds and conduit borrowers now have a greater degree of flexibility to use “qualified equity” for “prohibited uses” without endangering the...more

Bracewell LLP

IRS Provides Issuers Of Tax-Advantaged Debt with New "DIY" Tools to Fix Nonqualified Use

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On April 11, 2018, the IRS released Revenue Procedure 2018-26 (“Rev. Proc. 2018-26”), which provides an expansion of the remedial actions available to issuers of tax-advantaged bonds. Specifically Rev. Proc. 2018-26 provides:...more

Mintz - Public Finance Viewpoints

IRS Expands Remedial Action for Nonqualified Use of Tax-Advantaged Bonds

The IRS on April 11, 2018 released Revenue Procedure 2018-26 (Rev. Proc. 2018-26), which expands remedial action options in connection with certain post-issuance leases to private parties of facilities financed with...more

Miller Canfield

The Effect of Tax Reform on Michigan Charter Schools

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Many recent press reports have warned of the negative affect tax reform could have on charter schools around the country. These reports focus on the proposed elimination of private activity bonds (“PABs”) under the House tax...more

Brownstein Hyatt Farber Schreck

Landmark Colorado Supreme Court Decision Provides Clarity for Metropolitan Districts

On Monday, the Colorado Supreme Court issued its opinion and ruling in UMB Bank v. Landmark Towers Association, 2016SC455, holding that a challenge to the results of a TABOR election brought by a homeowner’s association years...more

Miller Canfield

Congressional Tax Bills Threaten Tax-Exempt Bonds for Non-Profit Hospitals

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As the Senate continues to work to modify the House version of a sweeping tax reform bill, non-profit hospitals face having to pay higher interest rates to borrow if certain types of tax-exempt bonds are eliminated. The...more

Ruder Ware

Condominium Issue with Long-Term Tax-Exempt Bond Financing

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We recently helped a client complete long-term tax-exempt bond financing of a portion of a mixed-use condominium. These projects raise interesting issues. Long story short, if you find yourself in a similar situation, you...more

Miller Canfield

IRS Issues New Rules for Management Contracts involving Tax-Exempt Financed Facilities

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The Internal Revenue Service (IRS) issued Revenue Procedure 2017-13 (Rev. Proc. 2017-13) on Jan. 17, 2017. The procedure provides more flexible, modern rules for structuring management contracts involving tax-exempt financed...more

Polsinelli

IRS Guidelines Provide Greater Flexibility to Nonprofit Borrowers

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New guidelines from the Internal Revenue Service substantially overhaul safe harbors that have existed for 20 years. Specifically, the IRS recently released Revenue Procedure 2017-13 (“Rev. Proc. 2017-13”), which establishes...more

Latham & Watkins LLP

The DTEK Restructuring - The Final Chapter

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The court’s sanction of DTEK's latest scheme includes novel references to its outstanding bank debt and helpfully rules on the controversial 'domicile test'. The DTEK group recently implemented a long-term restructuring of...more

Dickinson Wright

IRS Issues New Guidelines for Qualified Management Contracts for Facilities Financed with Tax Exempt Bonds

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Health care providers with facilities financed with tax exempt bonds need to be aware of recent changes to the IRS rules for qualified management contracts. On August 22, 2016, the IRS issued Rev. Proc. 2016-44 which...more

Mintz - Public Finance Viewpoints

IRS Clarifies New Management Contract Safe Harbors

In August, 2016, the IRS issued Revenue Procedure 2016-44, the first comprehensive revision of its management contract safe harbors since Revenue Procedure 97-13. Rev. Proc. 2016-44 built upon and amplified principles laid...more

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