Kris Eimicke concentrates his practice on tax issues and economic development programs, with a special emphasis on state and federal new markets tax credit (NMTC) programs, renewable energy tax credits, historic rehabilitation tax credits, and the newly created opportunity zone program. Kris also regularly advises businesses, tax-exempt organizations, and individuals on tax issues related to a variety of business transactions, as well as representation before the Internal Revenue Service, state revenue agencies, and the courts on tax matters. 

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 regularly works with businesses and nonprofits to help secure new markets tax credit allocation for their projects.  On renewable energy matters, Kris advises clients with respect to federal and state tax credits for renewable energy projects and investments, including investment tax credits for solar photovoltaic and biomass energy projects, and production tax credits for wind projects, as well as strategies for the monetization and syndication of those credits.  

Kris is an adjunct professor at the University of Maine School of Law, where he teaches corporate income tax.  He is also a frequent speaker on federal and state tax issues, including new markets tax credit financing, renewable energy tax credits, and tax practitioner ethics. 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, 2013-2017

Professional Activities

  • Chair, Maine Bar Association, Tax Section, 2012-present
  • 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:

  • 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)
  • "Federal Tax Caselaw Review," St. Joseph's College (August 2015)
  • "Federal Income Tax Update," St. Joseph's College (November 2014) 
  • "Structuring Equity Compensation for LLCs," Maine Bar Association (February 2014)
  • "Financing Your Project with New Markets Tax Credits," Maine Real Estate & Development Association (February 2014)
  • "Individual Income Tax Update," Maine Tax Forum (November 2013)
  • "Economic Development Incentives," Maine Real Estate & Development Association (February 2013)
  • "State Tax Credits and Incentives," Massachusetts Society of CPAs (December 2012)
  • "Tax Incentives and Renewable Energy," Maine Bar Association (December 2012)
  • "Federal Income Tax Update," St. Joseph's College (November 2012) 
  • "Maine and Federal Tax Update," Maine Society of CPAs (February 2012)

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

  • Representing a tax equity investor in the acquisition of a 99% interest in a 20MW wind farm
  • 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 
  • Syndication of investment tax credits with respect to a 10MW solar photovoltaic facility
  • Representing Stored Solar in the acquisition of two 28MW biomass electric generation facilities
  • The sale of two Vermont hydroelectric facilities and a connected solar photovoltaic facility 
  • The sale of a New York hydroelectric facility
  • Representing Athens Energy on the syndication of $10 million of renewable energy investment tax credits
  • Representing Sunlight Partners in connection with monetization of North Carolina renewable energy tax credits and federal investment tax credits for solar photovoltaic projects
  • Advising 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

  • Fund formation and general tax advice for a qualified opportunity fund under the new federal opportunity zone program
  • 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  

Representative Experience

Kris has represented project developers in the following recent transactions:

  • Capitol Center for the Arts -- financing the acquisition and historic rehabilitation of a theatre
  • Duprey Companies -- financing the acquisition and historic rehabiliation 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
  • Currently representing a pulp and paper company in a $32 million state and federal NMTC financing, as well as use of the major business expansion bond program offered by the Finance Authority of Maine
  • Capone Iron Corporation -- financing the construction of a manufacturing facility
  • Farnsworth Art Museum -- financing significant capital improvements to the museum
  • St. Croix Tissue, Inc. -- all aspects of the financing of the expansion of the plant, including federal and state new markets financing that relied on use of the "targeted populations" rules, a  conduit bond financing through the Finance Authority of Maine and traditional senior debt

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

  • 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 establishing 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 hotel and commercial real estate developer in connection with multiple NMTC unwinds and minimization of cancellation of indebtedness (COD) income
  • Represented tax credit investor in connection with a new markets tax credit financing of a $10 million real estate development

Representative Experience

  • 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 6 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
Kris J. Eimicke | Pierce Atwood

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