In the aftermath of the Historic Boardwalk case, the Historic tax credit investment community is struggling with a partnership investment structure which will not be challenged by the Service. Conceptually one may only need to look to Rev. Proc. 2007-65 in which the Service set forth a safe harbor for investors in partnerships owning qualified energy facilities. The positions advanced by the Service in its appeal of the Tax Court decision in the Historic Boardwalk case mirrored many of the safe harbor requirements of the Rev. Proc. 2007-65. As a result, to follow the safe harbor of Rev. Proc. 2007-65 one would conclude at a minimum future historic tax credit partnership agreements should: (1) provide both cash flow and tax credits to the investor; (2) no longer be structured as \u201cpay as you go\u201d transactions; (3) no longer have tax credit indemnities in favor of the investor; and (4) no longer have an investor \u201cput\u201d to the developer for nominal consideration. To sum up, developers and investors looking for guidance after the Historic Boardwalk Case may find comfort in the \u201csafe harbor\u201d of Rev. Proc. 2007-65<\/p>\n","protected":false},"excerpt":{"rendered":"
In the aftermath of the Historic Boardwalk case, the Historic tax credit investment community is struggling with a partnership investment structure which will not be challenged by the Service. Conceptually one may only need to look to Rev. Proc. 2007-65 in which the Service set forth a safe harbor for investors in partnerships owning qualified … <\/p>\n
Continue reading “After Historic Boardwalk – A New Look at the Wind “Safe Harbor””<\/span><\/a><\/p>\n","protected":false},"author":168,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[18,17,12,52,34],"ppma_author":[89],"class_list":["post-67","post","type-post","status-publish","format-standard","hentry","category-historic-tax-credit-program","tag-historic-boardwalk-case","tag-historic-tax-credits","tag-momjian","tag-partnership-flip","tag-renewable-energy-2"],"authors":[{"term_id":89,"user_id":168,"is_guest":0,"slug":"ajmomjian","display_name":"Arthur J. Momjian","avatar_url":"https:\/\/blogs.duanemorris.com\/newmarketslaw\/wp-content\/uploads\/sites\/9\/2014\/07\/momjianart-125x150.jpg","author_category":"","last_name":"Momjian","first_name":"Arthur J.","job_title":"","user_url":"http:\/\/www.duanemorris.com\/attorneys\/arthurjmomjian.html","description":"Read Art's bio.<\/a>"}],"_links":{"self":[{"href":"https:\/\/blogs.duanemorris.com\/newmarketslaw\/wp-json\/wp\/v2\/posts\/67","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.duanemorris.com\/newmarketslaw\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.duanemorris.com\/newmarketslaw\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/newmarketslaw\/wp-json\/wp\/v2\/users\/168"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/newmarketslaw\/wp-json\/wp\/v2\/comments?post=67"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/newmarketslaw\/wp-json\/wp\/v2\/posts\/67\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/newmarketslaw\/wp-json\/wp\/v2\/media?parent=67"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/newmarketslaw\/wp-json\/wp\/v2\/categories?post=67"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/newmarketslaw\/wp-json\/wp\/v2\/tags?post=67"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/newmarketslaw\/wp-json\/wp\/v2\/ppma_author?post=67"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}