San Francisco Tax Preparation / CPA: Telephonic Hearings May Continue to Satisfy Public Approval Requirements for Exempt Bonds

Filed in CCH NEWS FEED by on October 29, 2021

Due to the Coronavirus Disease 2019 (COVID-19) pandemic, the IRS extended until March 31, 2022, the time period during which telephonic hearings may satisfy the public approval requirement for private activity bonds, as originally provided in section 4.02 of Rev. Proc. 2020-21, I.R.B. 2020-22, 872, and modified by Rev. Proc. 2020-49, I.R.B. 2020-48, 1121. Reg. §1.147(f)-1(d)(2) provides that public hearings must be held in a location that, based on the facts and circumstances, is convenient for residents of the approving governmental unit. Due to the pandemic, state and local governmental units sought alternatives to in-person hearings held to meet the public approval requirement.