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...
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...
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...
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...
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....
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...
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...
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...
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...
By David M. DiSegna On September 21, 2020, Rhode Island Commerce revised the eligibility criteria for the Restore RI grant program to allow more small businesses to receive aid. The program provides grants of between $1,500 and $15,000 to small businesses impacted by the COVID-19 pandemic. Eligible businesses must have a physical location in Rhode...
