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.

If you have any questions, please contact the authors or another member of Holland & Knight's Tax Practice or Public Finance Team.

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