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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) and 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 and museums.

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. I continue to assist clients with applications to Treasury for Section 1603 Grants (under the American Recovery and Reinvestment Act of 2009).

Combined new markets and energy tax credits

As for my experience working with NMTCs and ETCs or 1603 Grants, I was instrumental in structuring and closing the financing for a 6MW community wind farm in Washington, a 4.5MW fuel cell development in San Diego, CA, a 9MW wind farm in Corpus Christi, TX, as well as other transactions involving both credits, though my client was only involved with one of the credits.

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, the taxation of 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.  While in law school, I also worked for Judge Dorothy Eisenberg, U.S. Bankruptcy Court (EDNY) and Judge Arthur D. Spatt, U.S. District Court (EDNY).

Over the years, I have been a frequent speaker at industry conferences regarding New Markets Tax Credits, 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 New Markets Tax Credit investments

Recent Publications/Presentations

  • “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)
  • “NMTCs + Energy Credits,” Novogradac New Markets Tax Credit Investors conference, October 2011. (Moderator)
  • “Energy Credits,” Novogradac New Markets Tax Credit Investors conference, October 2011. (Panelist)
  • “Innovative Financing for Small Renewable Energy Projects,” ACORE Retech conference, Washington, DC, September 2011. (Panelist)
  • “Community wind projects may benefit from creative financing methods,” North American Windpower, August 30, 2011
  • “Ask the Experts,” Novogradac New Markets Tax Credit conference, June 2011. (Panelist)
  • “Is My Project Financeable?” SEIA PV America conference, Philadelphia, PA, April 2011. (Panelist)

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, CDE, QALICBs)

  • Multiple funds for the installation of more than 200 MW of solar photovoltaic facilities and solar thermal facilities in North Carolina (represented the federal tax equity investors)
    Multiple funds for the installation of more than 200 MW of solar photovoltaic facilities and solar thermal facilities in North Carolina (represented the federal tax equity investors)

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

  • . . . View all . . .
  • Loans for the construction of 2 power generation plants using biomass from logging residues, timber thinnings and urban wood waste (represented the lender)
    Loans for the construction of 2 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 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 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 wind energy facilities on various sites in California (represented the tax equity investors)
    Multiple funds for the operation 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 New Markets Tax Credits and Section 1603 grants (represented the tax equity investor)
    A 9MW wind energy generating facility in Port of Corpus Christi, Texas, combining New Markets Tax Credits and Section 1603 grants (represented the tax equity investor)

  • Biomass power plant in Bakersfield, California, using New Markets Tax Credit financing for the conversion from a coal-fired power plant (represented the lender/CDE)  
    Biomass power plant in Bakersfield, California, using New Markets Tax Credit 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 New Markets Tax Credits 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 New Markets Tax Credits and Section 1603 grants (represented the tax equity investor)

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

  • New Markets Tax Credit financings of grocery stores, community centers, and historic theatres, as well as workouts of New Markets Tax Credit financings (various representations)
    New Markets Tax Credit financings of grocery stores, community centers, and historic theatres, as well as workouts of New Markets Tax Credit financings (various representations)

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Michael J. Goldman