Taylor Klavan focuses her practice on tax issues relating to public finance.
Taylor has devoted substantial time to providing guidance as tax counsel on all types of tax-advantaged state and local debt of all types, including governmental financings, financings for 501(c)(3) organizations, financings in the airport and transportation sector, financings to provide affordable housing facilities and financings for solid waste disposal facility and sewage facility financings for large utilities and industrial operations.
Taylor has served as tax counsel for several governmental and private activity bond financings in the transportation sector, which includes financings for the approximately US$4.2 billion redevelopment of Terminal 6 at John F. Kennedy International Airport in New York City, which was awarded Public-Private Partnership Deal of the Year in 2023; the redevelopment of terminal 4 of John F. Kennedy International Airport; redevelopment of terminals C and D of LaGuardia Airport, totaling over US$5 billion; and the over US$1 billion terminal modernization of Pittsburgh International Airport. She also has served as tax counsel for the airport bond issuers responsible for San Francisco International Airport, Cincinnati/Northern Kentucky International Airport, Ronald Reagan National Airport, Dulles International Airport and Fort Lauderdale International Airport. She also has significant experience in other transportation financings. For example, she served as tax counsel for the over US$1 billion taxable and tax-exempt (under Section 142(m) of the Internal Revenue Code) bond financing for the northern extension of the I-495 Express Lanes in the Washington DC metro area, which is owned and operated by Transurban Group, and this deal was named North American PPP Deal of the Year for 2022 by Proximo Infra news and data service; Maryland Department of Transportation for its financings for roads and toll road facilities across Maryland, port facilities in Maryland and Baltimore/Washington International Thurgood Marshall Airport; and the Pennsylvania Turnpike Commission.
Additionally, Taylor has extensive expertise in the healthcare and higher education sectors, including providing tax counsel for tax-exempt financing across the country. Taylor has served as tax counsel for the California Municipal Finance Authority and the California Educational Facilities Authority for conduit financings of various facilities for higher education institutions located across California; the Maryland Health and Higher Educational Facilities Authority for conduit financings for various hospitals and higher educational facilities across Maryland; the Maricopa Industrial Development Authority for higher educational institutions and charter schools across Arizona; and the Dormitory Authority of the State of New York for conduit financings for various healthcare and higher education institutions across New York.
Taylor has considerable experience with “post-issuance compliance” for tax-advantaged bonds, including private business use and private payment analyses, arbitrage issues in new money, refunding and multipurpose bond issues, multipurpose issue allocations and compliance with the remedial action regulations. She has frequently interacted with the Internal Revenue Service (IRS) on behalf of clients in voluntary closing agreement program requests, audits of tax-exempt finance transactions and private letter ruling requests. Her experience also includes defeating the IRS after the issuance of a Notice of Proposed Issue in an examination of a bond issue that financed a jail facility housing a significant number of federal detainees.
Additionally, Taylor frequently speaks on public finance and business law topics at conferences across the country. She is also an adjunct professor at American University, Washington College of Law, where she has taught Business Associations for the Masters of Legal Studies Program. Taylor also has extensive experience interpreting and advising clients on new legislation affecting public finance and tax credit financing. Taylor writes for the firm’s Public Finance Tax blog, which is the first blog devoted exclusively to the tax issues that arise in connection with tax-advantaged state and local debt, and the firm’s and Global Projects View blog, which features policy and legal updates from a multidisciplinary team of lawyers and policy advisors on topics such as economic development, infrastructure procurement, legislative developments and investment vehicles that affect the full range of infrastructure players.
Prior to joining the firm, Taylor worked at a public finance boutique in Maryland, where she acted as bond, special tax, borrower’s and underwriter’s counsel in a variety of tax-exempt financings. While in Maryland, Taylor co-founded the Maryland Chapter of Women in Public Finance and served as president of the board. She has also served on the executive committee for the Texas Chapter of Women in Public Finance. Taylor currently serves as sponsorship chair of the Texas Chapter of Women in Public Finance.