Real Estate, Construction & Infrastructure

Reporting requirements under the Corporate Transparency Act (CTA) are in effect beginning January 1, 2024.  Under the CTA, many US entities will be required to provide the personal information of their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a division of the US Treasury Department.

Read about guidance released by the IRS on the Low-Income Community Adder and the newly established allocation program to make the adder available.

On October, 5, 2022, the U.S. Department of Treasury and Internal Revenue Service published six Notices requesting public comments by November 4, 2022 on certain of the clean energy tax incentives included in the Inflation Reduction Act of 2022.  However, the IRS and Treasury will consider written comments received after November 4 that do not delay the relevant guidance.  Input from industry stakeholders is important to help inform next steps for the IRS and Treasury and shape how these clean energy tax incentives are accessed in practice.

The United States Supreme Court’s decision in Maui v. Hawaii Wildlife Fund leaves anyone with responsibility for a discharge to groundwater wondering whether that discharge is prohibited by the federal Clean Water Act. Guidance issued by EPA at the very end of the Trump administration offers no real assistance.

The landscape for foreclosures and evictions in New York State is constantly evolving. With the entire State of New York in Phase 4 of New York Forward, the courts have begun to reopen (at least virtually) and certain foreclosure proceedings have resumed. Eviction proceedings remain stayed as against those commercial and residential tenants who demonstrate COVID-related hardship.

Read about IRS and Treasury Department proposed regulations addressing the application of Section 1061 of the U.S. Internal Revenue Code of 1986, as amended.

On July 6, 2020, Massachusetts entered Phase 3 of its four-phased approach to reopening.  The Administration also updated its Sector Specific Workplace Specific Safety Standards for Office Spaces to Address COVID-19, which were originally released on May 18.  

This alert discusses the U.S. Treasury’s proposed regulations on like-kind exchanges under Section 1031 of the Internal Revenue Code, which provide guidance in light of statuary changes under the Tax Cuts and Jobs Act of 2017.

On Monday New York City entered Phase 1 of re-opening. Phase 1 guidance provides specific guidelines relating to construction, manufacturing, whole trade and select retail (for curbside pickup only), agriculture, forestry and fishing. For purposes of this publication, we have focused on the State of New York’s mandatory summary guidelines for construction related activities. Many real estate developers will fall under the umbrella of “construction businesses” and we are providing an overview of the construction specific requirements established by the guidance issued by the New York State Department of Health.

In late May, guidance for Phase 2 of Governor Cuomo’s New York Forward re-opening plan was issued. New York City is expected to enter into Phase 1 on June 8th, and thereafter Phase 2, provided certain thresholds are satisfied.

On May 26, 2020, Mayor de Blasio signed into effect N.Y.C. Council Int. No. 1932-A (2020). The law amends NYC administrative code by rendering unenforceable provisions in commercial leases providing for personal guaranties by individuals where the tenant’s business was negatively impacted by COVID-19.

Recent Executive Orders by New York Governor Cuomo and Administrative Orders by the New York State courts effectively have stayed the enforcement of residential and commercial evictions and foreclosures in New York through June 20, 2020, and barred the commencement of any such new proceedings until further order of the courts.

On May 18, 2020, the Baker-Polito Administration revealed its four-phased approach to reopening the Massachusetts economy and getting people back into the workplace in a safe manner, all while gradually easing social restrictions in order to minimize the negative health impacts of COVID-19.

COVID-19 has flipped the landlord-tenant relationship on its head. Prior to the COVID-19 pandemic, the relationship between landlords and tenants—and the payment of rent—was governed by the terms of the lease.

COVID-19 has flipped the landlord-tenant relationship on its head. Prior to the COVID-19 pandemic, the relationship between landlords and tenants—and the payment of rent—was governed by the terms of the lease.

The United States Supreme Court’s April 23 decision in County of Maui v. Hawai’i Wildlife Fund (https://www.supremecourt.gov/opinions/19pdf/18-260_i4dk.pdf) proves that legislating is best done by the Congress, not the Courts. The Court’s decision also tells us that the era of judicial deference to EPA that began in the mid-1980s seems to be coming to an end.

Today, April 20, 2020, Governor Charles Baker signed into law an act providing for a moratorium on evictions and as well as foreclosures of residential property (the “Act”) during the pendency of Massachusetts’ COVID-19 emergency declared by the Governor on March 10, 2020.

In accordance with Governor Cuomo’s Executive Order 202.6 issued on March 7, 2020, and the Guidance on Executive Order 202.6 issued on March 27, 2020, all non-essential construction is suspended in the State of New York.

In part one of our two part series we discussed a number of the menu options that may be available to commercial landlords and tenants to help them protect their businesses during the COVID-19 pandemic, but few of those options we discussed in part one are without their own unique set of hurdles.