News

How to Cash-in: Carbon Sequestration Rules - Already On the Books In Oklahoma

Building upon our November, 2023 article exploring the expanded benefits for carbon capture and sequestration under the Inflation Reduction Act, this article delves into Oklahoma’s existing framework for carbon capture and sequestration. Oklahoma has enacted two statutes on carbon capture seeking to be a leading force in the field of carbon capture and sequestration. The Oklahoma Carbon Sequestration Enhancement Act (“OCSEA”) incentivizes practices that enhance soil carbon sequestration through improved agricultural and land management techniques. Additionally, the Oklahoma Carbon Capture and Geologic Sequestration Act (“OCCGSA”) regulates underground injection projects, encouraging environmental safety and fostering responsible development.

Oklahoma non-profit entities subject to new requirements

Effective November 1, 2023, many Oklahoma non-profit entities are subject to new requirements that may have far-reaching and unexpected effects. This little known new law requires that many Oklahoma based religious, charitable and educational non-profits give notice to the Oklahoma Attorney General forty-five days prior to certain events or transactions. These provisions create a new level of scrutiny to certain transactions by charities that is not applicable to private business in Oklahoma.

UPDATE as of April 5, 2024: Getting Ready for the Corporate Transparency Act in 2024

On March 1, 2024, in the case of National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.), a federal district court in the Northern District of Alabama, Northeastern Division, entered a final declaratory judgment, concluding that the Corporate Transparency Act exceeds the Constitution’s limits on Congress’s power and enjoining the Department of the Treasury and FinCEN from enforcing the Corporate Transparency Act against the plaintiffs. The Justice Department, on behalf of the Department of the Treasury, filed a Notice of Appeal on March 11, 2024. It is the Justice Department’s current position that this ruling only applies to the plaintiffs and all other business are unaffected. As the injunction only applies to enforcement of the Corporate Transparency Act against the plaintiffs, other reporting companies are still bound by the Corporate Transparency Act and should continue to comply, unless exempt, until further notice. In addition, many states are planning to pass their own version of the Corporate Transparency Act. This ruling would not affect any state filing requirements.

24 Legal Netlink Alliance US Members Ranked in Best Law Firms® 2024 List

Legal Netlink Alliance is happy and proud to announce that no less than 24 of our US member firms have been ranked this year in the prestigious Best Law Firms® 2024 List. "This is proof of the top-notch quality of our members in Legal Netlink Alliance and we are thrilled that the number of practice areas ranked by Best Law Firms® 2024 List is very large and diverse", says Scott Centrella, LNA US Board President. "Congratulations to all our 24 members for their dedication and outstanding practice of law which has determined their peers' recognition!"

Cashing in on Credits for Carbon Capture Underground Storage

The phrase “cap and trade” has, for years, been a reality for power plants, industrial plants and other high carbon oxide emitters in the United States. Essentially, American industries must limit their carbon oxide emissions to governmentally mandated caps or pay a “carbon” tax, unless the company has either earned or acquired carbon credits that offset the carbon tax. Under section 45Q of the Internal Revenue Code, credits were established to help power plants and high carbon oxide emitters to decarbonize.

Pray Walker congratulates our lawyers who have been selected for the milestone 30th edition of The Best Lawyers in America.

Pray Walker attorneys selected for the 2024 edition of The Best Lawyers in America® include:

It’s time to review Employment Policies - with this in mind….

The National Labor Relations Board’s (NLRB) recent decision in Stericycle impacts employment policies – even if those policies cover non-union employees.

Pray Walker welcomes Grace DeJohn as new associate.

"We are pleased to welcome Grace as a new associate of the firm" says C. Bretton Crane, Pray Walker's managing partner. "We believe Grace's talent and skills will enhance both our areas of expertise and the collective strength of our firm ." Grace will be concentrating her practice in complex commercial litigation, including insurance-related disputes, environmental claims, and personal injury defense, among others.

Overtime Pay: The Supreme Court Considers Whether a Daily Rate is a Salary

Recently, the Supreme Court determined in the case of Helix Energy Solutions Group, Inc. v. Hewitt, that an employee paid a day rate totaling approximately $200,000.00 annually was entitled to overtime if he worked in excess of 40 hours in any week.

Representation and Warranty Insurance

Once reserved for only very large transactions, recent changes in the insurance markets have made representation and warranty insurance policies (RWI) more available for merger and acquisition transactions involving smaller dollar amounts.

Pray Walker Welcomes C. Bretton Crane Jr., Ethan Mock, And Alex Telarik As New Shareholders

Pray Walker, a full-service law firm located in Tulsa, Oklahoma, recently announced the additions of C. Bretton Crane Jr., Ethan Mock, and Alex Telarik as new shareholders.

Open House

Pray Walker held an Open House on Thursday, May 11th for clients, friends and family to celebrate their move to the Greenwood District.