The U.S. Supreme Court recently denied the petition for a Writ of Certiorari in the U.S. Third Circuit Court’s opinion of the Historic Boardwalk Hall LLC v. Commissioner case. Counsel for Historic Boardwalk Hall LLC (HBH) and the New Jersey Sports and Exposition Authority (NJSEA) had petitioned the Supreme Court to review the case, in which the Third Circuit Court opined that the historic tax credit (HTC) equity investor was not a true partner in HBH because it lacked a meaningful stake in the project’s success or failure. The Circuit Court’s decision affirmed the Internal Revenue Service administrative adjustment to reallocate all of the HTCs awarded for the renovation of a convention center from Pitney Bowes to the tax-exempt NJSEA. The Supreme Court’s decision means it does not plan to hear the case.
Click here to read more about the fact pattern of the case.
Click here to read the petition for Writ of Certiorari.
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