Michael J. Goldman

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.

What do you focus on?

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.

What do you see on the horizon?

Our lives have been significantly impacted by COVID-19, and this includes tax equity project financing – from construction and supply-chain delays to defaulting debtors to a shrinking field of tax equity investors. I expect there will be lobbying efforts to address these delays, and I also expect the markets to come back strong, with long-term growth in domestic renewable energy project financing. I also expect to see greater emphasis on job retention and growth by community development entities when selecting businesses to which they will make loans.

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 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.


  • “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

Strata inks $150 million deal with Blackstone

Power Finance & Risk | April 01, 2021

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.

OCC rule misaligned with some tax equity safe harbors

Law360 | March 08, 2021

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.

Federal rule opens tax-equity investment to national banks

Inframation News | January 25, 2021

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.


Michael J. Goldman

Chair, Project Finance, Infrastructure & Real Estate Department

Washington, DC

Phone: 202-585-8289

Fax: 866-580-1137

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.

New York

District of Columbia

U.S. Tax Court

Michael is a member of the American Bar Association and the Tax Section of the DC Bar Association

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