Third Circuit Court of Appeals Strikes Down Tax Credit Transaction, Reverses Tax Court
10 September 2012
Mayer Brown Legal Update
The US Court of Appeals for the Third Circuit has reversed a Tax Court decision in Historic Boardwalk Hall LLC v. Commissioner, and disallowed tax credits that were allocated to a private investor. The decision may have far reaching implications for developers, sponsors and investors involved in transactions involving tax credits such as the historic rehabilitation tax credits, low income housing tax credits, new markets tax credits and renewable energy tax credits.