American Recovery and Reinvestment Act of 2009

Bailout Basics

kweckstein@brownrudnick.com (Kenneth B. Weckstein) — Tue, 14 Apr 2009 13:38:49 -0400

The Emergency Economic Stabilization Act (EESA), also known as the Financial Bailout Law, authorizes the U.S. Department of the Treasury to spend up to $700 billion to secure the national economy. However, the Treasury Department has and will spend much of that money without following the long-established rules that govern more typical government procurements, including the Federal Acquisition Regulation (FAR). The Treasury Department’s implementation of the EESA has been a fluid process, with important developments occurring almost every day. And it is very possible that significant developments will have occurred between the time this article was authored to when you read it in this magazine. Nonetheless, this introduction to the government contracting issues in the EESA will remain useful. This article discusses the kinds of purchases the Treasury Department is authorized to make under the EESA. It also addresses how a company could challenge the Treasury Department’s decision to select a competing bidder for a contract.

For more information, please click here.

Stimulus Bill Expands HIPAA Privacy and Security Requirements

Tue, 14 Apr 2009 13:36:44 -0400

In addition to the massive spending provisions of the American Recovery and Reinvestment Act of 2009 (the "ARRA" or the "Stimulus Bill") the bill significantly expands the applicability of the Privacy and Security Rules of the Health Insurance Portability and Accountability Act (HIPAA). These changes are likely to have a profound impact throughout the health care industry. Title XIII of the ARRA, entitled "Health Information Technology," also known as the "Health Information Technology for Economic and Clinical Health Act (HITECH Act)," purports to rectify certain perceived weaknesses within the privacy and security regime created by HIPAA. While there are a number of provisions with different effective dates, covered entities and business associates must comply with most of the new provisions discussed below by February 10, 2010.

For more information, please click here.

Emergency Economic Stabilization Act Extends Renewable Federal Tax Benefits

pcox@brownrudnick.com (Patrick M. Cox) — Tue, 14 Apr 2009 10:24:00 -0400

The Emergency Economic Stabilization Act of 2008 extended federal renewable energy tax benefits that give incentives to project developers, financial investors and sponsors. They include: the production tax credit (PTC); investment tax credit (ITC); and accelerated depreciation, or the Modified Accelerated Cost Recovery System (MACRS), a method of depreciation applicable to tangible property used in a trade or business or held for the production of income.

For more information, please click here.

President’s Memo on Government Contracting Could Mean Big Changes in How the Federal Government Does Business

Tue, 7 Apr 2009 15:03:48 -0400

On March 4, 2009, President Obama signed a memorandum that tasks the heads of all executive agencies with ensuring that the Federal Government will “perform its functions efficiently and effectively while ensuring that its actions result in the best value for taxpayers.” The memo creates a critical issue for government contractors: it suggests that the President may be inclined to have the Federal workforce, as opposed to private contractors, perform a greater portion of the Government’s work, including that covered by the new Stimulus Law.

For more information, please click here.

Opportunities for the Energy Industry in The American Recovery and Reinvestment Act of 2009

Tue, 7 Apr 2009 15:02:01 -0400

The American Recovery and Reinvestment Act (i.e. the Stimulus Act) recently passed by Congress contains an array of energy initiatives that seeks to overhaul the American energy landscape. With a renewed and purposeful focus on energy research and development, climate change, and tax policy, the Act aims to reduce the nation’s dependence on foreign oil, increase our renewable energy production and efficiency, accelerate deployment of smart grid technology, and provide funding and support to those involved in tackling the nation’s energy challenges.

For more information, please click here.