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The Biden tax reform proposals target many tax benefits associated with real estate investing. If adopted, the ability to do tax free like kind exchanges may be eliminated and the maximum long term capital gains rates on sale may rise from 20% to 43.4% (marginal rate of 39.6% plus NIIT of 3.8%). Also, the ability to step-up the tax basis of assets at death may be eliminated. If all or any portion of this new tax landscape is adopted, investing in qualified opportunity zone funds (“QOFs”) may become of greater value and should be explored by all real estate investors.
First step to begin the process of developing national primary drinking water standards
Process takes years under the SDWA prescribed process
EPA must propose the drinking water standard within 24 months
EPA must then promulgate the standard within 18 months after the proposal
Standards include the Maximum Contaminant Level Goal (MCLG), the non-enforceable level at which no known or anticipated adverse health effects occur, with an adequate margin of safety
Standards also include the Maximum Contaminant Level (MCL), the enforceable standard applicable to public water suppliers, as close to MCLG as is “feasible” using best available technology or other means available, taking costs into consideration
CIANJ and COMMERCE Magazine Honor Environmental Leaders Rochelle Park, NJ (April 27, 2021) – The Commerce and Industry Association of New Jersey (CIANJ) and its flagship publication, COMMERCE Magazine, celebrated environmental leadership in the business community at a special awards breakfast last week. Nearly 80 consultants, attorneys, accountants, engineers, licensed site remediation professionals[.]
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Yet again, the New York State Department of Health updated its COVID-19 Travel Advisory (the “Advisory”) for domestic and international travel on April 10, 2021. As we recently reported, as of April 1, 2021, New York State initially loosened quarantine requirements for domestic travel. However, New York State altered that guidance and now delineates recommendations based on vaccination status. The Advisory also now relaxes restrictions on international travel.
As an initial matter, the Advisory clarifies the definitions of “domestic travel,” “fully vaccinated,” and “recently recovered” in relation to the travel guidance.
“Domestic travel” is defined as travel lasting for twenty-four (24) hours or longer to states or United States territories other than contiguous states (i.e., New Jersey, Pennsylvania, Connecticut, Massachusetts, and Vermont).
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The typical arrangement on most construction projects is that the property owner or developer engages the services of a general contractor or construction manager, which in turn subcontracts the work out to the various trades pursuant to a number of subcontracts. Under this standard arrangement, subcontractors seeking payment for their work are generally limited to recovering funds from the general contractor or construction manager, as that is the party they contracted with. Generally, under such an arrangement, there is no basis for an unpaid subcontractor to sue the property owner or developer for nonpayment because there is no contract between them. (The obvious exception is a mechanic’s lien foreclosure action, where unpaid subcontractors, among others, can directly pursue a claim against the real property at issue, even where they do not have a contract with the owner.)