Overview A Federal Tax Credit, which is known as an investment tax credit or ITC, is described in Internal Revenue Code (“IRC”) Sec 38 (the General Business Credit). IRC Section 38 provides for several different ITC’s, such as the low-income housing tax credit, the historic rehabilitation tax credit, and the renewable energy tax credit. [...]
Within the Tax Cuts and Jobs Act of 2017 1 (the “Tax Reform Legislation”), was a provision that initially did not generate much interest and excitement, but it may be one of the most significant tax reform codifications that we have seen in decades. The Tax Reform Legislation established Opportunity Zones by way of [...]
by Warren Kirshenbaum The idea of taking on a brownfield site for redevelopment can be intimidating, especially for developers who don't have experience remediating contaminated land. However, the term "brownfield" when describing a property does not need to conjure up the daunting image of a Superfund level cleanup. There is no one "face" of [...]
By Warren A. Kirshenbaum Terms such as “Opportunity Zones” and “Brownfields” do not easily roll off the tongue, but they are our “terms of art” for programs with enormous potential: allowing real estate development and investment professionals to turn challenging building projects into very successful accomplishments. There is some misunderstanding of what both terms [...]
By Warren A. Kirshenbaum April 25, 2017 Background: The tax filing deadline for 2016 has passed, and with it any opportunity to minimize tax obligations for 2016, but now is the time when businesses and their principals should begin to consider – and to plan for – their 2017 tax liabilities. We encourage our [...]