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On March 23, 2018, Congress passed, and the President signed into law, the omnibus spending bill known as the Consolidated Appropriations Act of 2018. Buried in Section N of the spending bill is a provision called the BUILD Act (Brownfields Utilization, Investment, and Local Development Act of 2018), which amends sections of the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). One of the significant updates to the law is that now, a tenant at an industrial or manufacturing site can, under appropriate circumstances, claim the “bona fide prospective purchaser” (BFPP) defense to Superfund liability and escape strict, joint, and several owner/operator liabilities when leasing previously-contaminated property.
By Michael R. Leighton
Numerous shopping center developers use a “layer-cake” of financing, including state and federal tax incentives to reduce the costs of debt and equity financing. The industry correctly saw that the market value of the credits would drop once the Jobs Act become effective. Such tax cut could undoubtedly impact the ability of developers to raise equity, certainly for new projects not yet placed in service.
By Erika Morphy
One of the many provisions of last year’s tax overhaul was the creation of a little-noticed program called Opportunity Zones, which was designed to give investors tax breaks for investments in designated areas. Now, attention is starting to pick up as the program takes shape.
By Michael B. Gerrard and Edward McTiernan
The courts issued 41 decisions in 2017 under the New York State Environmental Quality Review Act, and changes were made to regulations themselves this year. This article summarizes the most important of these cases and regulation changes, and the patterns they represent.
Tenant Improvement Does Not Shift Repair Responsibility Away from Landlord
Attorney Fees Not Court-Ordered Cannot Be Recouped by Withholding Rent