On August 31, 2021, the IRS released Revenue Procedure 2021-39, which extends until March 31, 2022, the period during which issuers will be permitted to conduct telephonic public hearings for tax-exempt bonds.
Previously, on May 4, 2020, the IRS released Revenue Procedure 2020-21, which permits a public hearing to be held by teleconference accessible to the residents of the approving governmental entity, by calling a toll-free number. It was applicable to hearings held during the period of May 4, 2020, through December 31, 2020. On November 4, 2020, the IRS released Revenue Procedure 2020-49, which extended the timeframe for telephonic hearings through September 30, 2021.
All other provisions of Revenue Procedure 2020-21 continue to apply to telephonic public hearings through March 31, 2022.
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