The IRS today released an advance version of Rev. Proc. 2020-49 that extends temporary relief measures regarding the public approval requirement under section 147(f) for tax-exempt bonds—relief originally provided in response to the coronavirus (COVID-19) pandemic.
Originally, Rev. Proc. 2020-21 [PDF 40 KB] allowed hearings to be held by teleconference for the purpose of satisfying the public approval requirement for the period beginning May 4, 2020, and ending December 31, 2020.
Today’s guidance—Rev. Proc. 2020-49 [PDF 17 KB]—extends the period during which telephonic hearings are permitted until September 30, 2021.
For more information, contact a tax professional with KPMG’s Washington National Tax practice:
Ruth Madrigal | +1 202 533 8817 | firstname.lastname@example.org
Preston Quesenberry | +1 202 533 3985 | email@example.com
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.