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


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


  • Maryland State Bar Association, Section of Taxation

    Section Chair for 1998-1999
    Chair of various Committees
    State Legislation and Regulatory Proposals Committee

    National Association of Bonds Lawyers

    Maryland Public Finance Officers Association

    American Bar Association - Section of Taxation

T +1 410.244.7726
F +1 410.244.7742

Walter R. Calvert


Walter Calvert focuses on public finance, project finance, federal, state and local taxation, and exempt organizations.

As tax counsel in municipal financing transactions, Walter advises issuers and conduit borrowers in connection with new issues and restructurings of existing issues. His experience includes financings for governmental issuers, 501(c)(3) organizations, manufacturing and other exempt facilities, and housing bonds.

He also has extensive experience in the use of derivative products in connection with public finance, including interest rate swaps and synthetic refundings.

In credit-market financings, Walter's experience includes transactions involving:

  • commercial paper
  • variable rate demand bonds
  • tax increment financing
  • auction rate bonds
  • development districts
  • bank qualified issues
  • tax and revenue notes
  • affordable housing
  • 501(c)(3) financing 
  • current and advance refundings

In audits of municipal-bond issues by the Internal Revenue Service, Walter's work includes resolving compliance issues prior to an audit, as well as representing clients at all other stages of audits.

He assists clients with implementing post-issuance compliance procedures in accordance with the recent IRS emphasis that beneficiaries of tax-exempt financing have appropriate personnel and protocols in place to ensure compliance with federal income tax laws.

For project financings, he serves as tax and finance counsel, particularly for projects using tax credits, either alone or in combination with tax-exempt financing. Walter has extensive experience with financings that involve combinations of state and federal tax credits.

In regard to tax credit programs, he assists with structuring and compliance for federal and state programs including those involving new markets tax credits, low and moderate income housing and alternative energy incentives.

In regard to state and local taxation, Walter represents individuals and businesses in transactional tax planning to assure compliance with applicable tax laws in connection with the minimization of tax burdens.

He represents taxpayers before state and local taxing authorities in audits and other tax controversies as well as in pursuing refund claims. He has provided 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.

In the tax-exempt area, Walter organizes and incorporates nonprofit groups in Maryland. He prepares and submits applications for tax-exempt status for various categories of exempt organizations and has assisted in corporate reorganizations of exempt organizations. He is particularly skilled in analyzing unrelated-business-income and private-inurement issues.