Trending Topics
Michael J. Goldman
Partner / Chair, Project Finance, Infrastructure & Real Estate Department
Introduction
Michael Goldman is a transactional lawyer and trusted advisor who primarily counsels clients in connection with structuring, negotiating and closing investments that generate federal and state tax credits.
My focus
My practice is concentrated in the fields of energy tax credits (ETCs), new markets tax credits (NMTCs) and historic rehabilitation tax credits (HTCs).
With respect to my work in the ETC space, I primarily work with investors, syndicators and developers in connection with the financing of solar facilities throughout the country. Additionally, I have assisted clients with the financing of wind, biomass and fuel cell facilities. In a number of instances, we successfully negotiated financings that combined ETCs with NMTCs.
With respect to my work in the NMTC space, I work with investors, lenders, community development entities and “qualified active low-income community businesses” to leverage NMTC financing and support community revitalization efforts nationwide. 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 educational facilities, grocery stores, hospitals, theatres, retail centers, for-sale housing, museums, rehabilitation centers, and solar and wind farms.
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 ETCs, NMTCs and the Section 1603 grants-in-lieu-of-energy tax credits program. 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.
Looking ahead
With recent changes in the tax code and an emphasis on infrastructure, renewable energy and job creation, I anticipate tax equity project finance markets to remain strong, across industries. I also expect investors and sponsors will continue to expand their focus beyond profitability, as they consider all aspects of ESG, especially their diversity, equity and inclusion strategies, when making decisions where to invest.
Insights
- “Moving from ESG Integration to Sustainability Investing,” UNC Cleantech Summit, Chapel Hill, NC, March 27, 2023
- “Understanding and Implementing Capital Structures for Renewables Inverted Lease,” Tax Equity Structures and Solutions for Today's Renewable Energy Projects, March 3, 2021 and June 9, 2020
Admitted to practice
New York
District of Columbia
U.S. Tax Court
Education
New York University School of Law, LL.M., Graduate Tax Program
St. John's University School of Law, J.D.
University of Rochester, B.A.
Professional activities
Michael is a member of the American Bar Association and the Tax Section of the DC Bar Association
Recognition
- Selected, through a peer-review survey, for inclusion in The Best Lawyers in America® 2023 in the field of Real Estate Law
In the News
- Bond Buyer
Muni vet Wong to lead Nixon Peabody's project finance practice
This article covers the selection of New York City partner Virginia Wong to lead NP’s nationally renowned Project Finance & Public Finance practice. Among the projects mentioned, the article highlights Virginia’s work leading the team that served as bond counsel on the restructuring of more than $33 million in Puerto Rico debt this year, the largest municipal restructuring in US history. PFIRE department head Michael Goldman is also quoted in the article recognizing the contributions and successes of former PGL, New York City Project Finance & Public Finance partner Ken Lind.July 14, 2022 - Bloomberg Law
Wake up call
The following article highlights the selection of Boston partner Chris Froeb to lead the firm’s nationally recognized Real Estate practice. The Law360 article also includes a quote from PFIRE department head Michael Goldman noting that Chris will build on the many successes of former PGL, Long Island Affordable Housing & Real Estate partner Denise Pursley.July 14, 2022 - Law360
Nixon Peabody announces new real estate practice leader
The following article highlights the selection of Boston partner Chris Froeb to lead the firm’s nationally recognized Real Estate practice. The Law360 article also includes a quote from PFIRE department head Michael Goldman noting that Chris will build on the many successes of former PGL, Long Island Affordable Housing & Real Estate partner Denise Pursley.July 13, 2022 - Power Finance & Risk
Strata inks $150 million deal with Blackstone
This article on Strata Solar’s strategic partnership with Blackstone Credit mentions the firm for the work of Project Finance, Infrastructure & Real Estate department chair and Washington, DC Community Development Finance partner Michael Goldman and Buffalo Global Finance partner Martha Anderson in advising the solar and battery storage developer.April 1, 2021 - Law360
OCC rule misaligned with some tax equity safe harbors
This contributed article, which examines the OCC’s finalized rule governing national banks’ ability to participate in equity-based finance structures involving tax credits, was authored by Project Finance & Public Finance partner Ellen Friedman and Global Finance senior counsel Larry Fruchtman, both in New York City; Community Development Finance partner Forrest Milder in Boston; and Community Development Finance partners Michael Goldman and Shariff Barakat, both in Washington, DC.March 8, 2021 - Inframation News
Federal rule opens tax-equity investment to national banks
This article on the new rule by the Office of the Comptroller of the Currency that may allow national banks and federal savings associations to engage in certain tax-equity finance transactions cites a recent NP tax credit alert. The alert was written by Project Finance & Public Finance partner Ellen Friedman and Global Finance senior counsel Larry Fruchtman, both in New York City; Community Development Finance partners Shariff Barakat and Michael Goldman, both in Washington, D.C.; and Boston Community Development Finance partner Forrest Milder.Jan 25, 2021
