IRS Extends Time Period of Telephonic Public Approval Hearings for Private Activity Bonds
The Internal Revenue Service (IRS) has released Revenue Procedure 2021-39, which extends the time period for telephonic Tax Equity and Fiscal Responsibility Act (TEFRA) hearings until March 31, 2022.
In response to the COVID-19 pandemic, the IRS released guidance in Revenue Procedure 2020-21, which allows for remote telephonic hearings to qualify as "public hearings" required for private activity bonds under Section 147(f) of the Internal Revenue Code of 1986, as amended, for the period beginning May 4, 2020, and ending Dec. 31, 2020. The IRS subsequently released Revenue Procedure 2020-49, which extended the period until Sept. 30, 2021. Revenue Procedure 2021-39 further extends the period for using telephonic hearings until March 31, 2022.
Information contained in this alert is for the general education and knowledge of our readers. It is not designed to be, and should not be used as, the sole source of information when analyzing and resolving a legal problem, and it should not be substituted for legal advice, which relies on a specific factual analysis. Moreover, the laws of each jurisdiction are different and are constantly changing. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. If you have specific questions regarding a particular fact situation, we urge you to consult the authors of this publication, your Holland & Knight representative or other competent legal counsel.