By Loren F. Sutton and Jay R. Peabody “Your success in life isn’t based on your ability to simply change. It is based on your ability to change faster than your competition, customers and business.” — Mark Sanborn. This past July, Boston Mayor Michelle Wu, following the lead of several other major cities around the...
Client AlertsCommercial FinanceNewsRhode Island’s Fiscal Year 2024 Budget Creates New State Low-Income Housing Tax Credit Program
June 21, 2023
By Amy Oakley and David DiSegna On June 16, 2023, Governor McKee signed the Rhode Island fiscal year 2024 budget that was passed by the General Assembly. The budget includes a new statewide Low-Income Housing Tax Credit (“LIHTC”) program to foster the availability of affordable housing in Rhode Island that will be administered by the...
Client AlertsCommercial FinanceNewsLegislation Prohibiting Tax-Exempt Bonds for Professional Sports Stadiums Reintroduced in Congress
February 22, 2023
By Eugene G. Bernardo II and David M. DiSegna Legislation has been introduced in the United States House and Senate entitled the “No Tax Subsidies for Stadiums Act of 2023,” which would eliminate the tax exemption for bonds used to finance professional sports stadiums. The companion bills were introduced by Senators Lankford (R-OK) and Booker...
Client AlertsCommercial FinanceNewsMunicipal Securities Disclosure Will Be Subject To New Data Standards
December 28, 2022
By Eugene G. Bernardo II and David M. DiSegna The Financial Data Transparency Act of 2022 (the “Act”), which was included as part of the National Defense Authorization Act, was signed into law on December 23, 2022. The Act requires that various federal regulatory agencies jointly issue proposed rules within eighteen (18) months, which establish...
Client AlertsCommercial FinanceRhode Island Modernizes its Receivership Law By Enacting the Commercial Receivership Act
July 1, 2022
By Daniel E. Burgoyne On June 20, 2022, Rhode Island Governor Daniel J. McKee signed into law the Rhode Island Commercial Receivership Act (“CRA”), which updates and modernizes Rhode Island receivership practice. Pub. L. 2002, ch. 107 and 108. The CRA is based upon the Uniform Law Commission’s 2015 Commercial Real Estate Receivership Act. The uniform act is...
Client AlertsCommercial FinanceHow to Prevent Frivolous Appeals from Derailing Receivership Sales of Rhode Island Real Estate
June 15, 2022
By Daniel E. Burgoyne and Christian R. Jenner A pair of recent decisions from the Rhode Island Superior Court’s Business Calendar, authored by Associate Justices Richard J. Licht and Brian P. Stern, demonstrate how a secured lender in a receivership can combat frivolous appeals that might otherwise threaten a sale of its real estate collateral....
Client AlertsCommercial FinanceIRS Permanently Allows TEFRA Hearings by Teleconference
March 21, 2022
By Eugene G. Bernardo II or David M. DiSegna On March 18, 2022, the IRS issued Revenue Procedure 2022-20, which permanently allows issuers of tax-exempt private activity bonds to hold TEFRA hearings via teleconference. Pursuant to § 147(f) of the Internal Revenue Code, tax-exempt qualified private activity bonds are subject to a public approval requirement. One means...
Client AlertsCommercial FinanceSecured Creditor’s Last-Minute Credit Bid Rejected at Receivership Auction
January 28, 2022
By Daniel E. Burgoyne Associate Justice Brian P. Stern of the Rhode Island Superior Court recently issued a notable decision arising from a receiver’s sale of commercial real estate in Providence, Rhode Island. The Decision, entitled Rialto Capital Advisors LLC v. Robert Day, LLC, C.A. No. PC-2020-06964 (R.I. Super. Dec. 22, 2021, Stern, J.), is...
Client AlertsCommercial FinanceIRS Issues Final Regulations on Transition from IBORs to Other Reference Rates
January 25, 2022
By Eugene G. Bernardo II and David M. DiSegna The IRS has issued final regulations governing the tax consequences of transitions from Interbank Offered Rates (IBORs) to other reference rates in debt instruments. The final regulations adopt many of the proposed regulations that the IRS released on October 9, 2020, with some important changes. The...
Client AlertsCommercial FinanceThe Infrastructure Investment and Jobs Act Adds New Categories of Qualified Private Activity Bonds
November 16, 2021
By Eugene G. Bernardo II and David M. DiSegna On November 15, 2021, the Infrastructure Investment and Jobs Act was signed into law and will provide over $1 trillion in funding for a wide array of infrastructure projects. The act also includes certain provisions affecting tax-exempt bonds, including the addition of two new categories of...
