Allentown, PA —Tallman Hudders & Sorrentino, the Pennsylvania office of Norris McLaughlin & Marcus P.A., along with Lehigh Valley Economic Development Corporation, will sponsor a discussion entitled , “Build America and Recovery Zone Bond Programs,” on December 1, 2009, at Best Western Lehigh Valley Hotel and Conference Center. John F. Lushis of Tallman Hudders & Sorrentino and John J. Eagan of Norris McLaughlin and Marcus will present an outline of both bond programs and the legal implications for bond program participants. The Pennsylvania Department of Community and Economic Development will cover the possible uses of the bond program for local and state projects. Local allocation recipients will provide insight as well. The target audience for this discussion consists of Lehigh Valley government officials and municipal representatives as well as local real estate and banking entities.
On February 17, 2009, President Obama signed into law the “American Recovery and Reinvestment Tax Act of 2009”. The Stimulus Act created two categories of bonds: Build America Bonds and Recovery Zone Bonds. The Bonds are similar to traditional tax-exempt bonds with one critical distinction. Rather than bearing a tax-exempt rate, the Bonds bear interest at a taxable rate but carry special tax credits and federal subsidies for either the bond issuer or the bondholder. “These programs have a limited shelf life. It is important to disseminate this information to local county representatives and others involved in the bond process. These programs have the ability to have a large impact on our local economy,” states Lushis.
John J. Eagan, the Managing Partner of the firm, has dedicated his practice to the area of taxation, with emphasis on business, international, tax litigation and health care matters. He regularly provides general business tax counseling and planning on a variety of issues including mergers and acquisitions, corporate reorganizations, partnership and LLC taxation, and international transactions. Additionally, John advises clients on a full range of issues related to exempt organizations. He has represented clients before state taxing authorities, the Internal Revenue Service, and U.S. Tax Court with regard to civil tax litigation, including corporate tax assessments, foreign taxation and treaty interpretation, sales and use taxation, state income tax allocation and apportionment issues, partnership allocations, and excise taxation.
John F. Lushis, Jr., a member of the firm, focuses his practice on real estate, environmental, and transaction law. John considers among his most memorable professional accomplishments the culmination of the sale of Bethlehem Steel’s assets to the International Steel Group for $1.5 billion and his involvement with the world’s largest private brownfield redevelopment in Bethlehem, Pennsylvania while he was counsel at Bethlehem Steel. John provides counsel on numerous transactions, including loan transactions, corporate restructurings, acquisitions and divestitures, leases of commercial and residential properties and businesses, industrial development authority financings, and a wide array of commercial agreements.