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Carol J. Mihalic

Partner

Carol focuses her practice on tax-incentivized financings, including Opportunity Zone, New Market Tax Credit, Historic Rehabilitation Tax Credit and Renewable Energy Tax Credit financings. In her representation of investors, lenders, community development entities, developers, qualified active low-income community businesses and other entities, she provides creative tax solutions to financing issues. Carol advises clients regarding structuring alternatives in transaction with multiple parties and combining tax credits, opportunity zone benefits and/or other tax favored incentives. Her experience extends to advising clients on statutory and regulatory considerations associated with Opportunity Zone financing and, additionally, with respect to New Markets Tax Credits, pre-funded qualified equity investments, loan modifications, workouts of distressed or failed New Markets Tax Credit investments, redeploying funds and existing transactions at the end of the seven-year compliance period. She provides similar advice with respect to Historic Rehabilitation Tax Credit and Renewable Energy Tax Credit financings.

Carol actively participates in industry efforts to resolve tax and structuring issues in New Markets Tax Credit, Rehabilitation Tax Credit and Opportunity Zone matters and regularly speaks at Tax Credit, Opportunity Zone 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.

Publications
  • "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