New York City

MURPHY PARTNERS ADDS PROPERTY TAX APPEAL AND LITIGATION GROUPS WITH ADDITION OF NEW PARTNER

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NEWARK, NJ, January 14, 2019 — Murphy Partners LLP is pleased to announce that Thomas S. Dolan will be joining the firm as a partner and will lead the firm’s Property Tax Appeal and Litigation practice groups.

Tom has a wealth of experience advising taxpayers and governmental entities on complex real property tax issues and has litigated the value of virtually all property types, including office buildings, retail stores, shopping centers, apartment buildings, industrial facilities, hotels, and unique special purpose properties. He also has extensive experience litigating complex commercial matters in state and federal courts, including class actions, franchise litigation, state tax controversies, commercial contracts, and real estate disputes.

Additionally, Tom has considerable expertise advising non-profit organizations on obtaining and litigating real estate tax exemptions, including arguing before the Supreme Court of New Jersey, where he successfully represented a group of national and local mental health organizations in preserving property tax exemptions for housing for residents with developmental disabilities.

As a valued advisor on Long Term Tax Exemptions and Payment In Lieu of Tax (PILOT) agreements, Tom will represent both redevelopers and municipalities through all aspects of the PILOT approval process, from obtaining the proper redevelopment area designation to negotiating and finalizing the terms of the tax agreement.

Prior to joining the firm, Tom was a commercial litigator at the prominent national law firm Lowenstein Sandler LLP, where he litigated a wide array of complex commercial matters in state and federal courts across the country. Tom later worked at Skoloff & Wolfe, PC, where he represented taxpayers and municipalities in property tax litigation and advice.

Tom received his law degree from Rutgers School of Law, and his undergraduate degree, summa cum laude, from Rutgers University.

“We are incredibly excited to have Tom join our growing team. He is a seasoned attorney, with significant experience handling complex real property tax and commercial litigation matters and will prove to be a valuable asset to our existing and future clients. His experience will be instrumental in our continued commitment to providing clients with effective legal solutions,” says Kellen F. Murphy, the firm’s managing partner.  

“I am privileged to be joining the talented group of attorneys at Murphy Partners. In a short time, they have distinguished themselves as leaders in the areas of real estate and redevelopment. I am looking forward to contributing to the firm’s continued excellence and its growth in the areas of commercial litigation and real property taxation,” says Thomas S. Dolan.

Murphy Partners LLP is a boutique law firm specializing in real estate, development, and economic incentive advisory. With offices in Newark, New Jersey and New York City, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter.

Murphy Partners LLP Continues to Expand with Addition of New Partner

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Murphy Partners LLP is pleased to announce that John P. McDonough will be joining the firm as a partner in the firm’s Commercial Real Estate Group.

John is an experienced transactional real estate attorney. As a partner in the firm, John’s practice will focus on all aspects of commercial real estate transactions, including office and retail leasing, acquisitions, dispositions, and real estate finance, including restructuring and workouts. He will also advise clients in connection with business transactions, construction law, and other commercial matters.

Prior to joining the firm, John spent nearly a decade as an attorney at the Port Authority of New York and New Jersey, where he represented the bi-state agency in a diverse array of real estate, construction, and development matters. He also served as bond counsel for the agency and worked extensively on the development of the World Trade Center and Transit Hub.

Following his time at the Port Authority of New York and New Jersey, John served as Assistant Corporation Counsel for the City of Jersey City, where he regularly advised the City on commercial real estate and development matters.

“We are incredibly excited to have John join our growing team. He is a seasoned attorney, with experience handling complex commercial real estate transactions in both New Jersey and New York. His experience will be instrumental in our continued commitment to providing clients with effective legal solutions,” says Kellen F. Murphy, the firm’s managing partner.

“I’m thrilled to be joining the dynamic team at Murphy Partners and look forward to contributing to the firm’s future growth and success as a leader in the New Jersey and New York real estate legal market,” says John P. McDonough.

Murphy Partners LLP is a boutique law firm specializing in real estate, development, and economic incentive advisory. With offices in Newark, New Jersey and New York City, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter.

New Jersey Incentive Update - June 2018

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On Tuesday, June 12, 2018, the New Jersey Economic Development Authority (NJEDA) will hold its monthly board meeting. Among the actions to be taken, the Board will consider two applications under the Grow New Jersey Assistance Program (Grow NJ). If approved, the two applicants could receive over $60,000,000 in tax credits (over 10 years).

Created under the Economic Opportunity Act of 2013, the Grow New Jersey Assistance Program (Grow NJ) is the State’s main job creation and retention incentive program. Under the Grow NJ program, businesses creating or retaining jobs in the State may be eligible for tax credits ranging from $500 to $5,000 per job, per year; with bonus credits ranging from $250 to $3,000 per job, per year (awards vary based on applicable criteria).

The Grow NJ program has been wildly popular and incredibly successful. Since its implementation, 252 projects have received awards, totaling over $4.7 billion in tax credits. Approved applicants generally have three years to certify, or complete, a project. A project is deemed complete when the applicant has hired or retained the number of employees listed in its application, and satisfied the program’s capital investment requirements. Once certified, the 252 projects will drive over $4.5 billion in private capital investment, create over 30,000 new jobs, and retain over 36,000 jobs at risk of leaving the State.

If interested in learning more about Grow NJ or other economic development incentive programs, please do not hesitate to contact Murphy Partners LLP at (973) 877-6984 or info@murphyllp.com. 

MURPHY PARTNERS LLP

Murphy Partners LLP is a boutique law firm specializing in real estate, development, and economic incentive advisory. With offices in Newark, New Jersey and New York City, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter.

Incentive Alert: Federal Tax Law Creates Incentives for Investment in “Opportunity Zones”

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While corporate and individual tax relief took center stage in the debate over the passage of the new federal tax reform legislation, a less-discussed section of the new law may have a significant impact in driving investment into distressed areas throughout the country.

The new law establishes the Opportunity Zone Program, which creates preferential tax treatment for unrealized capital gains that are reinvested in to-be-determine qualified opportunity zones. The new law instructs governors in each state (and the Mayor of Washington, D.C.) to identify eligible census tracts from a pool of low-income, high-poverty census tracts (each state is limited to selecting up to 25% of the state’s census tracts that meet the eligibility requirements).

Importantly, the new law will allow corporations and partnerships to establish Opportunity Funds, created for the purpose of investing in qualified opportunity zone property (which includes any opportunity zone business stock, any opportunity zone partnership interest, and any opportunity zone business property).

As recently outlined by the Economic Innovation Group (www.eig.org), investments made in a qualified Opportunity Fund will receive preferential tax treatment, including:

  1. A temporary deferral of inclusion in taxable income for capital gains reinvested in an Opportunity Fund. The deferred gain must be recognized on the earlier of the date on which the opportunity zone investment is disposed of or December 31, 2026.

  2. A step-up in basis for capital gains reinvested in an Opportunity Fund. The basis is increased by 10% if the investment in the Opportunity Fund is held by the taxpayer for at least 5 years and by an additional 5% if held for at least 7 years, thereby excluding up to 15% of the original gain from taxation.

  3. A permanent exclusion from taxable income of capital gains from the sale or exchange of an investment in an Opportunity Fund if the investment is held for at least 10 years. This exclusion only applies to gains accrued after an investment in an Opportunity Fund.

To take advantage of the special tax treatment created under this program, taxpayers must roll over non-opportunity zone gains before Dec. 31, 2026.

If interested in learning more about this or other economic development incentive programs, please do not hesitate to contact Murphy Partners LLP at (973) 877-6984 or info@murphyllp.com.

MURPHY PARTNERS LLP

Murphy Partners LLP is a boutique law firm specializing in real estate and economic incentive advisory. Headquartered in Newark, New Jersey, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter.

Incentive Overview: New York’s Excelsior Jobs Program Drives Investment and Job Growth

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The Excelsior Jobs Program is a powerful economic development incentive created to provide competitive financial incentives for businesses in New York. Designed to encourage businesses to expand in or relocate to New York, the Program applies to businesses that will create or retain jobs and make significant capital investments.

Generally, the be eligible under the Program, a business must create a specified number of net new jobs, defined as being new to the State, full-time or equivalent to full-time (requiring at least 35 hours per week), and filled for more than six months.

The following strategic businesses located in or planning to locate in New York are eligible under the Program:

  • Scientific Research and Development businesses creating at least 5 net new jobs

  • Software Development businesses creating at least 5 net new jobs

  • Financial services (customer service) back office operations creating at least 25 net new jobs

  • Agriculture businesses creating at least 5 net new jobs

  • Manufacturing businesses creating at least 5 net new jobs

  • Back office businesses creating at least 25 net new jobs

  • Distribution businesses creating at least 50 net new jobs

  • Music Production businesses creating at least 5 net new jobs

  • Entertainment Companies creating at least 100 net new jobs

  • Life Sciences Companies creating at least 5 net new jobs

  • Other businesses creating at least 150 net new jobs and investing at least $3 million

  • Businesses in strategic industries that make significant capital investment that have at least 25 employees; manufacturing firms who retain at least 5 employees are also eligible to apply for participation in the program.

Businesses deemed eligible under the Program may qualify for four fully refundable tax credits:

  1. Excelsior Jobs Tax Credit:  A credit of 6.85% of wages per net new job.

  2. Excelsior Investment Tax Credit:  Valued at 2% of qualified investments.

  3. Excelsior Research and Development Tax Credit:  A credit of 50% of the Federal Research and Development credit up to six percent of research expenditures in New York State.

  4. Excelsior Real Property Tax Credit: Available to firms locating in certain distressed areas and to firms in targeted industries that meet higher employment and investment thresholds (Regionally Significant Project).

The Excelsior Jobs Program has been wildly popular and incredibly successful. Since its implementation, over 1,870 applications have been submitted, with 548 projects receiving approval, totaling over $954 million in tax credits being committed. Eligible businesses under the Program have committed to capital investments of over $5.38 billion, research and development expenditures of another $2.84 billion and the creation of 56,826 jobs.  

If interested in learning more about the Excelsior Jobs Program or other economic development incentive programs, please do not hesitate to contact Murphy Partners LLP at (973) 723-7036 or info@murphyllp.com. 

MURPHY PARTNERS LLP

Murphy Partners LLP is a boutique law firm specializing in commercial real estate and economic incentive advisory.  The firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter.