Mark O. Norell

Partner

norellm@ballardspahr.com
Tel 646.346.8007
Fax 212.223.1942
New York

Mark Norell has over two decades' experience in matters relating to public finance transactions. He has a broad range of experience on tax matters related to financings for numerous general-purpose governmental issuers, municipal utility systems (public power, wastewater treatment), health care systems, solid waste and other utility systems, universities, airports and seaports, manufacturing facilities, and other significant public infrastructure projects. He regularly advises clients in connection with matters involving workouts, interest rate swaps, and hedges. Mark also counsels clients on project financings, refundings, conduit financings, fixed and variable rate issues, derivatives, insured financings, debt portfolio restructurings, forward deliveries, original issue discount, contingent payment and reissuance regulations, private-use issues related to tax-exempt bonds, compliance with rebate requirements applicable to tax-exempt bonds, and general tax matters.

Mark also has considerable experience with quasi-governmental organizations governed by Section 115 of the Internal Revenue Code as well as various 501(c) and other nonprofit entities, and has represented clients in administrative proceedings before the IRS, including obtaining complex private-letter rulings, audits, and closing agreements.

A new and additional focus of Mark's practice includes using federal tax credits and economic development programs to finance affordable housing and businesses in low-income communities throughout the U.S. and its territories, including Low-Income Housing Tax Credits (LIHTC), New Markets Tax Credits (NMTC), and Qualified Opportunity Zone programs.

Mark is a frequent lecturer on various tax matters at conferences sponsored by the American Bar Association and the National Association of Bond Lawyers.

Representative Matters

Recent matters include:

  • Representing public power clients in connection with significant capital improvement programs for various projects involving Build America Bonds, New Clean Renewable Energy Bonds (CREBs), tax-exempt bonds, and taxable series of bonds
  • Representing counties, cities, and other issuers with ongoing capital improvement programs for school, transportation, and other facilities
  • Representing borrowers in connection with qualified private activity bonds issued for airports, seaports, solid waste, and other exempt facility financings
  • Representing client in obtaining IRS allocations for New CREBs, with issuance of New CREBs, and with audits of various tax-advantaged bonds
  • Obtaining private-letter rulings from the IRS on a variety of issues, including private use and payment issues, on behalf of issuer, and political subdivision status, instrumentality status, Build America Bonds, tax allocation questions, and gross income questions

Professional Activities

American Bar Association, Committee on Tax-Exempt Financing, Chair

National Association of Bond Lawyers, Attorneys Workshop Steering Committee Member and frequent panelist, 2006-2018

Editor-in-Chief, Federal Taxation of Municipal Bonds, 2008-2010

Publications

Co-author, "Tax-Exempt Bond Community Considers New Bond Regulations," Ballard Spahr alert, January 16, 2019

Principal Drafter, Comment on the Definition of Political Subdivision, The Tax Lawyer, Vol 69, No. 2, 2018

New York University School of Law (LL.M. Taxation 1994)

Rutgers University School of Law-Camden (J.D. 1988)

Rutgers University (B.A. 1985)

New Jersey

New York