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MICHAEL J. GOLDMAN

Michael Goldman is a transactional lawyer who focuses his practice on structuring investments that produce federal and state tax benefits, with a strong emphasis on transactions generating tax credits.

What do you focus on?

Most of the work I do involves either the new markets tax credit (NMTC) or energy tax credits (ETCs); sometimes I have the pleasure of working on transactions where both credits are in the financing stack.

New markets tax credits

With regard to my NMTC experience, I work with investors, lenders, community development entities and “qualified active low-income community businesses.” I have worked on a wide-range of transactions that have benefitted dozens of low-income communities throughout the United States with investment dollars building businesses and physical structures including charter schools, grocery stores, hospitals, theatres, retail centers, for-sale housing, museums and solar and wind farms.

Energy tax credits

With regard to my ETC experience, I work with investors, lenders and developers, primarily financing the construction of solar and wind facilities across the country.

What do you see on the horizon?

There likely will be significant changes to the tax code at some point in the next five years—I anticipate a lot of lobbying activity. Although there are certain tax credit programs that have the luxury of permanency under the existing tax code, there can be no assurance a new tax code will be as generous.

Additional Experience

Prior to joining Nixon Peabody, I worked in the Internal Revenue Service’s Office of Chief Counsel (Passthroughs & Special Industries), concentrating on tax shelters, partnerships, subchapter S corporations and passive activity losses. Prior to working for the IRS, I clerked for Judge Michael B. Thornton at the United States Tax Court. 

Over the years, I have been a frequent speaker at industry conferences regarding NMTCs, Section 1603 grants-in-lieu-of-energy tax credits program and energy credits. While working for the IRS, among other things, I was the principal author of Revenue Ruling 2003-20, which provides the safe harbor for leveraging NMTC investments.

Recent Publications/Presentations

  • “Twinning Renewables and NMTCs,” Novogradac New Markets Tax Credit Conference, January 22, 2015 (Panelist)
  • “Innovative Tax Credit Projects in NYC,” 2014 NYC Development Finance Conference, presented by New York City Economic Development Corporation, November 5, 2014 (Moderator)
  • “Development & Financing Issues,” Novogradac Financing Renewable Energy Conference, April 24–25, 2014 (Panelist)
  • “IPED What’s New + What’s Next in Tax Credits and Community Finance presented with CohnReznick,” March 20–21, 2014 (Co-chair)
  • “Tax Credits Primer,” New York City Economic Development Corporation’s Development Finance Conference, April 16, 2013 (Presenter)
  • “Beyond Wind and Solar—Financing Energy Projects and Businesses,” Novogradac New Markets Tax Credit Investors Conference, October 2012 (Panelist)
  • “How to Deal with a Non-Performing Asset,” 11th Annual Reznick New Markets Tax Credit Summit, May 1, 2012 (Panelist)
  • “What Keeps Potential Investors on the Sideline? Strategies to Execution and Optimization,” Conference on Maximizing Incentives from Renewable Generation: Best Practices and Financing Opportunities from Renewable Energy Tax Credits, The White House, March 13, 2012 (Panelist)
  • “New Markets Tax Credits Primer,” New York City Economic Development Corporation’s 7th Annual New Markets Tax Credit Conference: Unlocking New Markets, February 2012. (Presenter)

Representative Experience

  • Development of Federally Qualified Health Centers and other medical centers (multiple engagements, represented debt, tax credit equity, CDE, QALICBs)
    Development of Federally Qualified Health Centers and other medical centers (multiple engagements, represented debt, tax credit equity, CDEs, QALICBs)

  • Multiple funds for the installation of more than 500 MW of solar photovoltaic facilities and solar thermal facilities in North Carolina (represented multiple federal tax equity investors)
    Multiple funds for the installation of more than 500 MW of solar photovoltaic facilities and solar thermal facilities in North Carolina (represented multiple federal tax equity investors)

  • Charter schools in New York, New Jersey, Washington, DC, and Pennsylvania using NMTCs (various engagements representing lenders/CDEs)
    Charter schools in New York, New Jersey, Washington, DC, and Pennsylvania using NMTCs (various engagements representing lenders/CDEs)

  • . . . View all . . .
  • Loans for the construction of power generation plants using biomass from logging residues, timber thinnings and urban wood waste (represented the lender)
    Loans for the construction of power generation plants using biomass from logging residues, timber thinnings and urban wood waste (represented the lender)

  • Represented the developer in the NMTC financing for the construction of the nation's first energy positive LEED Platinum designed public school in North Carolina
    Represented the developer in the NMTC financing for the construction of the nation’s first energy positive LEED Platinum designed public school in North Carolina

  • Loans for the construction of a pre-commercial scale pilot plant to transform post-recycled municipal solid waste and other organic feedstocks into next generation renewable biofuels (represented the lender)
    Loans for the construction of a pre-commercial scale pilot plant to transform post-recycled municipal solid waste and other organic feedstocks into next generation renewable biofuels (represented the lender)

  • Multiple funds for the operation of wind energy facilities on various sites in California (represented the tax equity investors)
    Multiple funds for the operation of wind energy facilities on various sites in California (represented the tax equity investors)

  • A 9MW wind energy generating facility in Port of Corpus Christi, Texas, combining NMTCs and Section 1603 grants (represented the tax equity investor)
    A 9MW wind energy generating facility in Port of Corpus Christi, Texas, combining NMTCs and Section 1603 grants (represented the tax equity investor)

  • Biomass power plant in Bakersfield, California, using NMTC financing for the conversion from a coal-fired power plant (represented the lender/CDE)
    Biomass power plant in Bakersfield, California, using NMTC financing for the conversion from a coal-fired power plant (represented the lender/CDE)

  • 4.5MW fuel cell project in San Diego, California, the first fuel cell financing known to be closed with NMTCs and Section 1603 grants (represented the tax equity investor)
    4.5MW fuel cell project in San Diego, California, the first fuel cell financing known to be closed with NMTCs and Section 1603 grants (represented the tax equity investor)

  • A 6MW wind energy generating facility, the Coastal Energy Project in Grayland, Washington, combining both NMTCs and Section 1603 grants among its financing sources (represented the project company)
    A 6MW wind energy generating facility, the Coastal Energy Project in Grayland, Washington, combining both NMTCs and Section 1603 grants among its financing sources (represented the project company)

  • NMTC financings of grocery stores, community centers and historic theatres, as well as workouts of NMTC financings (various representations)
    NMTC financings of grocery stores, community centers and historic theatres, as well as workouts of NMTC financings (various representations)

Michael J. Goldman