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    1. Home
    2. People
    3. Carla A. YoungPeople
    1. Home
    2. People
    3. Carla A. YoungPeople

    Carla A. Young

    Partner


    • Washington, DC
    • Office202.585.8340
    • cyoung@nixonpeabody.com
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    Introduction

    Carla Young focuses her practice on the tax requirements relating to bonds issued by state and local governments.

    Practice Areas

    Public FinanceTaxTransportation FacilitiesPublic-Private Partnerships (P3)Water & Wastewater ManagementFinancial Restructuring & Bankruptcy

    Industries

    InfrastructureHigher Education

    My focus

    My work focuses on the tax aspects of municipal bond financings, including tax-exempt, taxable, and tax-advantaged debt obligations issued by or on behalf of state and local governments. I represent issuers, borrowers, underwriters, and lenders in a wide variety of bond issues that finance transportation and infrastructure projects, water and wastewater systems, public power projects, governmental facilities, nonprofit facilities, K-12 and higher education facilities, charter schools, and public infrastructure located in community development districts, among others.

    I also represent issuers with the tax issues relating to restructurings of defaulted bond issues, including restructurings connected with bankruptcy proceedings. I frequently represent issuers and borrowers before the Internal Revenue Service (IRS) in connection with requests for private letter rulings, bond examinations, and closing agreements.

    Since the beginning of 2020, I have assisted municipal issuers with the impact of COVID-19, including restructurings to address related liquidity concerns, and served as co-bond counsel (tax) on the second Municipal Liquidity Facility transaction.

    Previously, I was an attorney and assistant branch chief in the Tax-Exempt Bond Branch of the Office of Chief Counsel (Financial Institutions and Products) at the IRS, where I was responsible for drafting published guidance and rulings, including guidance relating to Build America Bonds and other direct-pay obligations, as well as disaster area bonds. I also served as the chief counsel representative to the Tax-Exempt Bond Focus Group, which provides assistance to IRS agents in connection with examinations of tax-exempt bond issues. My experience in the government provides a unique perspective when counseling clients on issues relating to IRS bond audits and ongoing compliance with the tax rules, including the permitted uses of bond-financed facilities and actions that can be taken to remediate post-issuance noncompliance.

    Insights

    • “Financing Capital Projects on College & University Campuses & Related Post-Issuance Compliance,” National Association of College and University Attorneys, Pittsburgh, PA, June 28, 2022
    • “IRS provides relief for municipal bond issuers in response to COVID-19 pandemic,” Nixon Peabody Client Alert, May 7, 2020
    • “Federal tax issues relating to long-term financing of working capital expenditures,” Nixon Peabody Client Alert, April 9, 2020
    • “New Proposed IRS Regulations for Transitions from the use of LIBOR to Other Interbank Offering Rates,” Nixon Peabody Client Alert, October 30, 2019
    • “Bond Attorneys Workshop”, Speaker, National Association of Bond Lawyers, Chicago, IL, July 31, 2018

    Representative experience

    • Co-bond counsel (tax) to the Metropolitan Transportation Authority—North America’s largest transportation provider—and its affiliate, the Triborough Bridge and Tunnel Authority
    • Co-bond counsel (tax) to the New York City Municipal Water Finance Authority, which provides water and wastewater services to almost ten million residents
    • Co-bond counsel (tax) to the Dormitory Authority of the State of New York (DASNY), including bonds issued to finance nonprofit and education facilities at private institutions, and bonds issued to finance dormitory facilities at the State University of New York (SUNY)
    • Bond counsel (tax) to numerous industrial development agencies and local development corporations in the State of New York for bonds issued to finance nonprofit facilities
    • Co-bond counsel (tax) to the Sales Tax Securitization Corporation (City of Chicago), including the creation of the corporation and issuance of bonds backed by dedicated sales taxes
    • Bond counsel (tax) to the Puerto Rico Sales Tax Financing Corporation (COFINA) for restructuring of more than $18 billion of outstanding bonds in connection with bankruptcy proceeding under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA)
    • Bond counsel (tax) to the Commonwealth of Puerto Rico for restructuring of more than $17 billion of outstanding bonds in connection with bankruptcy proceeding under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA)
    • Bond counsel (tax) to the Puerto Rico Highways and Transportation Authority for restructuring of more than $4 billion of outstanding bonds in connection with bankruptcy proceedings under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA)

    Admitted to practice

    District of Columbia

    Education

    Georgetown University Law Center, J.D., cum laude
    Rutgers University, B.A., Accounting, with high honors

    Professional activities

    Carla is a member of the National Association of Bond Lawyers (NABL) and frequently speaks on NABL panels related to tax law.

    Recognition

    Carla was selected, through a peer-review survey, for inclusion in The Best Lawyers in America® 2023 in the field of Public Finance Law.

    While with the IRS, Carla received a U.S. Treasury performance award for legal work connected with the financial turmoil of 2008. She also received IRS Chief Counsel performance awards each year from 2006 to 2009.

    In the News

    • The Bond Buyer

      $765M Triborough Bridge and Tunnel Authority deal draws focus

      This article covers client Triborough Bridge and Tunnel Authority’s $765 million Payroll Mobility Tax Senior Lien Refunding Green Bonds, which were priced Thursday in the primary market. The NP team serving as bond counsel on this deal includes New York City partners Ken Lind, Liz Columbo, and Adam Gordon; Washington, DC partner Carla Young; New York City counsel Abigail Olsen; and New York City associates Kate Stack, Paul Dewey, and Georgia Sackey, all of the Project Finance & Public Finance practice.

      Jan 5, 2023
    • El Nuevo Dia

      The Highways and Transportation Authority’s adjustment plan goes into effect

      This article, which covers a debt restructuring of the Puerto Rico Highways and Transportation Authority outstanding indebtedness, mentions NP as legal advisors on the new indebtedness. The NP team includes Project Finance & Public Finance practice group leader Virginia Wong from New York, Washington, DC partners Mitch Rapaport and Carla Young, Los Angeles partner Angelica Valencia, New York associate Sebastian Torres-Rodriguez, and New York senior paralegals Carolyn Yi-Medina and Patrick McGovern, all of the Project Finance & Public Finance group.

      Dec 7, 2022
    • The Bond Buyer

      Puerto Rico's restructured bonds will be exempt, and provide fresh high-yield liquidity

      This article on Puerto Rico’s restructured general obligation bonds mentions NP for the firm’s determination that the bonds will be tax-exempt. The NP team is comprised of New York City partners Virginia Wong, Ken Lind, and Liz Columbo, and associate Sebastian Torres; Washington, DC partners Mitch Rapaport and Carla Young; and Los Angeles partner Angelica Valencia, all of the Project Finance & Public Finance group.
      March 3, 2022
    • The Bond Buyer

      Market sectors and segments pointed volume down in the Northeast

      The article on the state of the municipal bond markets mentions NP for serving as bond counsel on the Triborough Bridge and Tunnel Authority’s $1.24 billion payroll mobility tax senior lean deal for MTA Bridges and Tunnels. The NP team included New York partners Liz Columbo, Ken Lind, Adam Gordon, Chris Reitzel, and counsel Abigail Olsen, and Washington DC partner Carla Young, all of the Project Finance and Public Finance group.
      Feb 25, 2022
    • The Deal

      Deal diary-Blackstone and KKR chalk up more insurance investments

      In two separate articles, the publication highlighted the firm for advising American International Group, Inc. in the pending sale of a $5.1 billion affordable housing portfolio to Blackstone Real Estate Income Trust. Washington, DC Community Development Finance partner Liz Young is noted in one of the stories for leading the NP deal team.

      In addition to Liz, the NP team includes Affordable Housing & Real Estate partner Dara Histed, Project Finance & Public Finance partner Carla Young, Community Development Finance senior counsel Jeff Lesk, and Corporate partner John Partigan, all of Washington, DC; Global Finance partner Amanda Darwin, Affordable Housing & Real Estate associates Julie Stande and Ali Walendziak, and Community Development Finance associate Nury Aguasvivas, all of Boston; Affordable Housing & Real Estate associate Emily Schwebke and Project Finance & Public Finance resident attorney Jacalyn Smith, both of Chicago; Manchester Affordable Housing & Real Estate associate Talia Burghard; Long Island Affordable Housing & Real Estate paralegal Lori Esposito; and Los Angeles Corporate paralegal Mina Gonzaque-Taylor.

      July 15, 2021
    • Law360

      New remedial actions for tax-advantaged bonds and P3s

      Nixon Peabody public finance partners Travis Gibbs of San Francisco and Mitch Rappaport, Bruce Serchuk and Carla Young of Washington DC co-wrote this analysis on the new IRS procedures that can be used “to cure impermissible use of bond-financed projects.”
      April 20, 2018
    • The Bond Buyer

      Carla Young Joins Nixon Peabody

      This feature story highlights the arrival of Washington, DC, Public Finance partner Carla Young.
      June 3, 2014

    Insights And Happenings

    View All
    • Alert

      IRS provides relief for municipal bond issuers in response to COVID-19 pandemic

      May 7, 2020
    • Alert

      Federal tax issues relating to long-term financing of working capital expenditures

      April 7, 2020
    • Alert

      New proposed IRS regulations for transitions from the use of LIBOR to other interbank offering rates

      Oct 30, 2019
    View All

    Professionals in the Practice Area

    View All
    • Virginia Wong

      Partner / Practice Group Leader, Project Finance and Public Finance
      • New York
      • Office:212.940.3028
      • vwong@nixonpeabody.com
      Virginia Wong
    • Julie K. Seymour

      Partner / Strategic Impact Partner
      • Chicago
      • Office:312.977.4353
      • jkseymour@nixonpeabody.com
      Julie K. Seymour
    • Daniel M. Deaton

      Partner
      • Los Angeles
      • Office:213.629.6050
      • ddeaton@nixonpeabody.com
      Daniel M. Deaton
    • Scott R. Singer

      Partner
      • New York
      • Office:212.940.3182
        Mobile:917.886.5967
      • ssinger@nixonpeabody.com
      Scott R. Singer
    • Mitchell Rapaport

      Partner
      • Washington DC
      • Office:202.585.8305
        Mobile:202.288.4005
      • mrapaport@nixonpeabody.com
      Mitchell Rapaport
    View All

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