A recent change in the law now allows for all types of affordable housing development projects to get credits and reductions for sewer and water connection fees. Shareholder Jeffrey Winitsky explains.
Our attorneys share an update on the Qualified Opportunity Zone program which was recently announced.
Jeff Winitsky, Mariel Giletto and Adam Chelminiak of our public finance and corporate departments explain the Qualified Opportunity Zone program born from the Tax Cuts and Jobs Act.
On January 15, 2018, Governor Chris Christie signed into law certain amendments (2016-17 S3305) to the Grow New Jersey Assistance Act ("GrowNJ") and the New Jersey Corporate Business Tax Act that should have a positive impact for participants in the GrowNJ program.
On January 10, 2017, the Securities and Exchange Commission ("SEC") announced that the Port Authority of New York and New Jersey ("Port Authority") agreed to admit wrongdoing and pay a $400,000 penalty to settle charges related to the failure of the Port Authority to disclose to investors certain risks associated with road projects undertaken and financed by the Authority in violation of the Securities and Exchange Act of 1933 ("Securities Act of 1933").
On June 6, 2016, the New Jersey Department of Community Affairs, Division of Local Government Services, Local Finance Board ("LFB") published a notice of proposed changes to the New Jersey Administrative Code that, if finally adopted, would allow any local unit subject to the "Local Authorities Fiscal Control Law" (N.J.S.A. 40A:5A-1 et seq.) to issue refunding bonds to realize debt service savings without the prior approval of the LFB if certain conditions are present at the time of such refunding and certain other requirements are met ("Proposed Rule Change").
Division of Local Government Services Streamlines Procedure for Local Unit Investment in Municipal Notes
On August 10, 2015, Governor Chris Christie signed in to law P.L.2015, c.95, designated as the “Division of Local Government Services Modernization and Local Mandate Relief Act of 2015” (referred to herein as the “Act”), which, among other things, streamlines certain responsibilities of the Division of Local Government Services (“DLGS”), eliminates or revises certain State mandates imposed upon on local governments and implements certain administrative efficiencies and cost saving measures.