Many design and construction contracts and subcontracts contain a “waiver of subrogation†provision in the contract’s “Insurance Requirements†section. But what exactly is “subrogation†and what does it mean to “waive†subrogation rights?
The Virginia General Assembly and Governor Terry McAuliffe have proposed a change to the state historic rehabilitation tax credit program that could affect real estate development statewide. The bill was introduced after a Senate panel killed Senator Glen Sturtevant’s proposed bills to cap and phase out state historic tax and other credits.
HB 2460 would take effect for taxable years beginning on and after January 1, 2017, but before January 1, 2019. The proposed changes provide that the amount of annual state historic tax credit each taxpayer uses may not exceed $5 million. The ...
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