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Carol J. Mihalic


Carol focuses her practice on tax-incentivized financings, including New Markets Tax Credits, Renewable Energy Tax Credits and Historic Rehabilitation Tax Credits. In her representation of QALICBs, many of which are nonprofits, CDEs, tax credit investors, leveraged fund lenders and structuring agents, she has provided creative solutions to tax issues, balancing the New Markets Tax Credits requirements with the Client’s business desires. She advises clients regarding structuring alternatives in transactions with multiple parties at each level of the financing and in combining New Markets Tax Credits with bond financing, Historic Rehabilitation Tax Credits, state tax credits, Renewable Energy Tax Credits, Opportunity Zone financing, government grants and other sources of financing (including structuring and closing a first in the country redevelopment in Cincinnati, Ohio utilizing 14 distinct financing sources). Her expertise extends to advising clients on the statutory and regulatory issues associated with pre-funded QEIs, loan modifications, workouts of distressed or failed New Markets Tax Credits investments, redeploying New Markets Tax Credits funds and exiting transactions at the end of the seven-year New Markets Tax Credits compliance period. Carol regularly represents not-for profit QALICBs and is able to navigate through governmental regulations and requirements of the not-for-profits, while at the same time meeting the New Markets Tax Credits program requirements.

Carol represents investors and syndicators in connection with the financing of solar facilities throughout the country that qualify for Renewable Energy Tax Credits (RETCs). She advises clients on tax and other considerations with respect to the transfer of RETCs, partnership flips, inverted leases, bonus depreciation and other structure considerations and renders the necessary tax opinions. 

She also actively participates in industry efforts to resolve tax and structuring issues in New Markets Tax Credit and Renewable Energy Tax Credit matters and regularly speaks at Tax Credit and related conferences.

In addition to her Tax Credit and Opportunity Zone experience, Carol also advises clients with respect to the tax aspects of securitizing tax-exempt bonds (and other asset classes) and provides strategic advice and renders tax opinions on a wide range of federal income tax matters.

Prior to joining Kutak Rock, she worked as a manager in the tax research and planning department for AT&T and as a tax specialist for Deloitte.
  • "Financing School Construction: The Tax Consequences of Stripping," Municipal Finance Journal, Vol. 30, 
Speaking Engagements
  • "NMTC and Opportunity Zones," New Markets Tax Credit Coalition 2018 Annual Conference, December 12, 2018
  • "Opportunity Zones," Counsel of Development Finance Agency (DC), November 7, 2018
  • "Opportunity Zones: Maximizing Impact in Your Community Meeting," Counsel of Development Finance Agency (DC), September 5, 2018
  • "Leverage Success," Novogradac New Markets Tax Credit Conference, 2018
  • "NMTC and the Law," New Markets Tax Credit Coalition 2017 Annual Conference (DC), December 14, 2017
  • "Marketing Your Project to a CDE," Novogradac New Markets Tax Credit Conference, October 19, 2017
  • "Operating Business," Novogradac New Markets Tax Credit Conference (San Diego), January 26, 2017
  • "Challenges of Using NMTCs for Operating Business Investments," October 22, 2015
  • "NMTC and the Law," New Markets Tax Credit Coalition 2014 Policy Conference (DC), June 10, 2014
  • "Exit Strategies," Novogradac Spring New Markets Tax Credit Conference, June 6, 2013
  • "New Markets Tax Credit Hot Topics," The Forum on Affordable Housing and Community Development Law