A Network of the National Association of State Treasurers
Policy Update:

IRS Grants Extension of Telephonic TEFRA Hearings

The Internal Revenue Service (IRS) issued Revenue Procedure 2020-49 which extends temporary guidance surrounding public approval requirements related to the issuance of qualified private activity bonds (PABs). Earlier this year, the IRS issued Revenue Procedure 2020-21 which permitted certain hearings to be held telephonically in light of the COVID-19 pandemic through December 31, 2020. Today’s revenue procedure extends the original deadline until September 30, 2021.

Revenue Procedure 2020-21 provided that hearings held by teleconference accessible to the residents of the approving governmental unit by calling a toll-free telephone number will be treated as held in a location that, based on the facts and circumstances is convenient for residents of the approving governmental unit for the purpose of §1.147(f)-1(d)(2) of the Treasury Regulations.