Week of August 28, 2023
Feds Share Labor Rules Detail for Federal Project Tax Credits
The U.S. Treasury Department released details on August 29th to clarify a proposed mandate for contractors to meet prevailing wage and registered apprentice requirements on clean energy projects.
The new guidance would allow contractors to earn up to five times the value of tax credits and deductions allowed under the 2022 Inflation Reduction Act. Tax incentives under the law, also known as the Climate Act, make up three-quarters -- or an estimated $270 billion -- of its estimated $369-billion investment in clean energy infrastructure and related initiatives.
Additionally, the new guidance provides "employers and workers with more clarity and direction" on proposed IRS guardrails, boosts the adoption of worker-centric practices, and ensures streamlined compliance.
Contractors could risk fines for non-compliance and have expressed concerns about potential cost inflation and reduced competition from small businesses.
Private Equity, Hedge Funds Sue SEC to Fend Off Oversight
A coalition representing the biggest private equity and hedge funds sued the Securities and Exchange Commission (SEC) on Friday to block new regulations aimed at giving investors more transparency and better terms from asset managers.
The lawsuit, filed in a conservative federal appeals court, argues that the SEC overstepped its legal authority when it approved the regulations last week in a 3-2 vote along party lines.
The new rules require managers of private funds to provide their investors with quarterly financial statements detailing their performance and expenses, undergo annual audits, and restrict managers from certain activities the SEC sees as harmful, such as offering some investors better terms than others via deals known as side letters.
Private funds, which include hedge funds, private equity and venture capital, have long enjoyed light-touch regulation because of the fact that their investors have traditionally been large and sophisticated. Industry representatives say the SEC rules amount to the biggest regulatory challenge to their business model in more than a decade.
August 26, 2023
LJA Engineering, Inc. (LJA), a Texas-based multi-disciplinary engineering consulting firm, has acquired Donald W. McIntosh Associates, Inc. (McIntosh Associates), a Florida-based engineering, planning, and surveying firm. The acquisition of McIntosh Associates complements LJA's services capabilities and will help to strengthen LJA's operating footprint in Florida. ames Ross, CEO of LJA, commented, "We are excited to welcome McIntosh Associates to the LJA family. This partnership marks a significant milestone for us as we continue to strengthen our presence in Florida and enhance our capabilities to better serve our clients."
August 28, 2023
Abramson Architects, a California-based architecture firm, has acquired Moon Mayoras Architects (Gilbert Architects), a California-based architecture firm known for their expertise in navigating OSHPD projects under the jurisdiction of the California Department of Health Care Access and Information (HCAI). The acquisition of Moon Mayoras Architects will allow Abramson Architects to enhance its capabilities for existing clients and position itself to new partners, resources, and opportunities.
August 28, 2023
Grovecourt Capital Partners (Grovecourt), a Florida-based private equity firm, has acquired Traffic & Mobility Consultants LLC (TMC), a Florida-based engineering company that specializes in transportation planning and traffic engineering. Grovecourt's investment will help TMC to enhance the scope and scale of its service offerings and expand its market reach, particularly as TMC considers strategic M&A partnerships with other engineering firms in the future. Matt Bergin, Managing Partner at Grovecourt, noted, "TMC stands as the foremost traffic engineering firm with a leading market presence in Florida. We are excited to support Mohammed and the TMC team on the company’s next phase of growth as they execute on organic expansion and engage in strategic M&A.”