Walter R. Calvert

Walter Calvert

Walter Calvert is a business and tax attorney whose practice focuses on state and local taxation; tax credits, opportunity zone funds, and other specialized federal and state tax incentive programs; public finance and project finance; and tax-exempt organizations. 

Walter focuses on state and local tax planning and controversy matters.  He represents individuals and businesses when planning to minimize state and local tax obligations, and in audit and litigation matters.  In addition, Walter serves as tax, issuer's and borrower counsel for public and private financings.  In public financing he serves as both borrower's counsel in conduit financings and as bond counsel to government issuers. He has extensive experience with financings that involve combinations of state and federal tax credits. He assists with structuring and compliance with special tax incentive program requirements for federal and state programs, including those involving opportunity zone funds, new markets tax credits, rehabilitation/historic tax credits, low- and moderate-income housing, and alternative energy incentives. Walter's client services have included:

  • Representing individuals and businesses with state and local taxation concerns in transactional tax planning to ensure compliance with applicable tax laws, related to minimizing tax burdens
  • Representing taxpayers before state and local taxing authorities in audits and other tax controversies, and in pursuing refund claims; providing single-state and multi-state planning for various taxes, including income, franchise, sales and use, admission and amusement, recordation and transfer, and personal and real property taxes
  • Organizing and incorporating nonprofit groups in Maryland; preparing and submitting applications for tax-exempt status for various categories of tax-exempt organizations; and assisting in the corporate reorganization of tax-exempt organizations
  • In audits of municipal bond issues by the Internal Revenue Service (IRS), Walter's work includes resolving compliance issues prior to an audit, and representing clients at all other stages of audits. Clients rely on Walter when facing implementation of post-issuance compliance procedures, in accordance with the IRS emphasis on beneficiaries of tax-exempt financing having appropriate personnel and protocols in place to ensure compliance with federal income tax laws


Representative Matters

  • Represented a non-profit Qualified Active Low-Income Community Business in its financing of a $33,000,000 outpatient medical center and a new office and research space, designed to expand healthcare services to the residents of Ward 8 in Washington, D.C.




  • J.D. William & Mary Marshall-Wythe School of Law 1983
  • B.S. McIntire School of Commerce, University of Virginia 1980

Bar Admissions

  • Maryland
  • District of Columbia

Court Admissions

  • U.S. Court of Appeals for the Federal Circuit
  • U.S. Court of Federal Claims
  • U.S. District Court for the District of Maryland
  • U.S. Tax Court
  • District of Columbia Court of Appeals
  • Maryland Court of Appeals

Professional Memberships and Activities

  • Member, Maryland State Bar Association, Section of Taxation
  • Section chair, Maryland State Bar Association, Section of Taxation, 1998 - 1999; chair, various committees; member, State Legislation and Regulatory Proposals Committee
  • Member, National Association of Bonds Lawyers
  • Member, American Bar Association, Section of Taxation
  • Maryland Advanced Tax Institute, State and Local Tax Day Planning Committee


  • The Best Lawyers in America
    • Tax Law and Public Finance Law, 2007 – 2024
    • Lawyer of the Year, Tax Law, Baltimore, 2013, 2018
    • Lawyer of the Year, Public Finance Law, 2023
  • Maryland State Bar Association, Metro Award for Service to Section of Taxation
  • Martindale-Hubbell, AV® Peer-Review Rated
  • Super Lawyers, Maryland, 2008 – 2009