Kris J. Eimicke

As a member of Pierce Atwood’s tax and business practice groups, Kris Eimicke has a unique blend of technical tax expertise and business experience.  Kris focuses on complex business transactions, with a particular emphasis on highly structured transactions utilizing or involving one or more economic development programs and federal and state tax credits, including renewable energy tax credits and programs, opportunity zones, new markets tax credits, and historic rehabilitation tax credits.

  • Renewable Energy: Kris handles all aspects of renewable energy mergers, acquisitions, and finance, including tax equity, back leverage debt, preferred equity, and other creative and unique structures, including helping to develop a royalty model for financing renewable energy projects and developers.
  • Opportunity Zones: Kris represents investors, developers, fund managers, opportunity funds and lenders in connection with the relatively new opportunity zone program, including one of Forbes OZ 20: Top Opportunity Zone Catalysts.
  • Tax Credits: Kris has worked extensively with federal and state new markets tax credit programs, successfully closing transactions involving more than $300 million of tax credit allocation. He has been involved in nearly every transaction to successfully close under Maine's new markets capital investment program, either as counsel to the borrower, the investor, or the community development entity (CDE).

Kris has served as an adjunct professor at the University of Maine School of Law, where he taught corporate income tax. He is also a frequent speaker on federal and state tax issues, including opportunity zones, renewable energy finance, and new markets tax credit financing. Before joining Pierce Atwood, Kris clerked for Judge Harry Haines of the United States Tax Court.

Honors & Distinctions
  • Named a New England "Rising Star" by Super Lawyers, 2013-2016
Professional Activities
  • Chair, Maine Bar Association, Tax Section, 2012-2020
  • Former adjunct professor, University of Maine School of Law (corporate income tax)
  • Member, American Bar Association, Section of Taxation, Partnership and LLC Committee, Administrative Practice Committee, Private Equity Committee, 2009-present

Speaking Engagements:

  • Mitigating Risks in Opportunity Zone Investments, Novogradac OZ Conference (October 2020)
  • Navigating the Paycheck Protection Program, MaineBiz Webinar (June 2020)
  • Opportunity Zones & 1031 Transactions, Margolin, Winer & Evans Real Estate Forum (January 2020)
  • Qualified Opportunity Zones, Maine Tax Forum (November 2019)
  • Putting Rural Opportunity Zones to Work, Georgetown, CEI, MDF (December 2019)
  • Portland Press Herald Business Breakfast Forum (March 2018)
  • New Markets Tax Credit Coalition Annual Conference (December 2017)
  • Pierce Atwood's Energy Infrastructure Symposium (September 2017)
Publications
  • Maine Ranked Number One for Low Tax Burden on New Investment and Job Creation, 21 Journal of Multistate Taxation (Nov/Dec. 2011).  

Practice Areas

Representative Experience
  • Represented Great Bay Renewables in the formation of a joint venture between funds managed by affiliates of Apollo Global Management and Altius Renewable Royalty Corp.
  • Represented Stored Solar, LLC, in the acquisition and financing of more than 100MW of biomass electric facilities in Massachusetts, Vermont, New Hampshire, and Maine
  • Represented Great Bay Renewables in the development and implementation of a royalty model for funding renewable energy projects and developers, including more than $60 million of investments to date with Apex Clean Energy Holdings and Tri Global Energy
  • Represented Bright Community Capital in the acquisition and financing (including tax equity) of several solar photovoltaic facilities across New England
  • Represented a tax equity investor in investments in numerous projects, including wind facilities in Minnesota, solar projects in Connecticut and Massachusetts, and hydroelectric facilities in Rhode Island
  • Represented a tax equity investor in the acquisition of a 20MW California wind farm
  • Representing Bright Community Capital on fund formation and general counsel representation for a tax equity fund and sponsor equity fund investing in mid-size solar photovoltaic facilities across the country
  • Represented BayCorp Holdings on the sale of two Vermont hydroelectric facilities and a connected solar photovoltaic facility
  • Represented Hampshire Paper Company on the sale of a New York hydroelectric facility
  • Represented Athens Energy with respect to the syndication of $10 million of renewable energy investment tax credits
  • Represented Sunlight Partners in connection with monetization of North Carolina renewable energy tax credits and federal investment tax credits for solar photovoltaic projects
  • Advised Burgess Biopower in the financing of its 75 MW biomass power plant located in Berlin, New Hampshire, including the receipt of various federal tax incentives, including $63 million of new markets tax credit financing and a $90 million section 1603 cash grant
Representative Experience

Kris has represented project developers in the following recent transactions:

  • Saddleback Ski Resort – financing the re-development of the shuttered ski resort
  • ND Paper – financing the restart of a long-shuttered paper mill
  • Capitol Center for the Arts – financing the acquisition and historic rehabilitation of a theatre
  • Duprey Companies – financing the acquisition and historic rehabilitation of several mixed use properties
  • Baxter Academy for Technology and Science – financing the charter school's expansion
  • Downeast Institute – financing the marine research institute's expansion
  • Capone Iron Corporation – financing the construction of a manufacturing facility
  • Farnsworth Art Museum – financing significant capital improvements to the museum
  • St. Croix Tissue, Inc. – financing the installation of the first new papermaking facility in Maine in decades
  • Numerous NMTC unwinds – represented numerous NMTC borrowers in connection with the unwinds of NMTC financing including minimizing the adverse tax consequences associated with potential cancellation of indebtedness (COD) income

Kris has represented CDEs and investors in the following recent transactions:

  • Bangor Savings Bank – investments in connection with a rural library project utilizing federal and state NMTC allocation
  • CEI Capital Management LLC – act as outside general counsel, handling multiple aspects of its business, including NMTC asset management and unwinds of NMTC financings
  • Advantage Capital Partners – organized and established a NMTC-based pooled loan fund under the federal and State of Maine new markets tax credit programs. Closed multiple investments on behalf of Advantage, including $10 million of debt, convertible debt, and equity in a veterinary pharmaceutical company, and $27 million in a merchandise display system manufacturer
  • Represented tax credit investor in connection with a new markets tax credit financing of a $10 million real estate development
Representative Experience
  • Fund formation and general tax advice for numerous qualified opportunity funds under the new federal opportunity zone program, including CEI-Boulos Capital Management and its managed fund Woodforest CEI-Boulos Opportunity Fund, which was named as a Forbes OZ 20: Top Opportunity Zone Catalyst
  • Representing a private foundation in the making of a $15 million program-related investment
  • Representing a private foundation in connection with posting marketable securities as collateral for loan as a program-related investment, including receipt of private letter ruling from IRS
  • Securing tax exemption and general representation for a § 501(c)(3) public charity involved in documenting the effects of climate change in the Arctic
  • Securing tax exemption for economic development nonprofit focusing on communities with shuttered manufacturing plants
  • Representing a taxpayer in a dispute in which the IRS asserted a transaction was not entitled to treatment as a redemption
  • Disclosing offshore bank accounts and other foreign assets under the IRS' offshore account voluntary disclosure and streamlined disclosure programs for numerous clients
  • Litigation before the Maine Supreme Judicial Court in Angell v. Town of Scarborough, in which the court held that the town’s tax system resulted in an equal protection violation under the U.S. Constitution
  • Nearly every Maine new markets capital investment credit transactions to occur over the last six years
  • Advised various clients on maximizing State of Maine tax and economic development incentives, including sales tax exemption, pine tree development zone (PTZ) benefits, and other state tax credit programs
  • Numerous industrial properties in property tax abatement claims