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Articles by Jean Everett
Tax-Exempt Bonds: Telephonic Public Hearings Now Permanent | JD Supra
For public hearings held on or after March 18, 2022, new Revenue Procedure 2022-20, released by the Internal Revenue Service, allows issuers and approving governmental units to conduct telephonic public hearings for tax-exempt private activity bonds. Treasury Regulation § 1.147(f)-1(d)(2) requires that a public hearing be held in a location that is convenient for residents of the governmental unit approving the bonds.
Further IRS Extensions and Waivers to Affordable Rental Housing Projects as COVID-19 Persists | JD Supra
Summary The IRS has extended certain deadlines relating to affordable housing projects with Low Income Housing Tax Credits (LIHTC) under Section 42 of the Internal Revenue Code of 1986, as amended (the Code) or financed with tax-exempt private activity bonds under Section 142(d) of the Code. The Upshot While COVID-19 disruptions continue, owners, operators, issuers, and state housing agencies have more time to comply with various requirements applicable to affordable housing projects.
IRS Clarifies Eligibility of Buildings Financed with Bonds Issued Pre-2021 for 4% LIHTC Minimum Rate | JD Supra
Summary The IRS released Revenue Ruling 2021-20 and Revenue Procedure 2021-43 to address uncertainty about whether the minimum 4% applicable percentage (4% minimum rate) under the federal income tax code applies to low-income residential rental buildings financed by tax-exempt bonds issued, or subject to LIHTCs allocated, on or prior to December 31, 2020, and placed in service after that date.
Expansion of Qualified Private Activity Bond Categories Under the Infrastructure Investment and Jobs Act | JD Supra
On November 15, President Biden signed the Infrastructure Investment and Jobs Act (PL 117-58) into law. This Act introduces more than $550 billion in new infrastructure spending in addition to reauthorizations of existing programs for a total of $1.2 trillion in federal infrastructure investment in local communities over the next eight years.
New York State Open Meetings Law Amendments Effective November 18, 2021 | JD Supra
New York State public bodies subject to the Open Meetings Law must now post on their website, or provide upon request, “at least 24 hours” prior to any public meetings, any documents that will be discussed or considered during those public meetings. Under Chapter 481 of the Law of 2021, language allowing documents to be released for the first time “at” a public meeting has been stricken.
Extension of COVID Relief for Tax-Exempt Bonds: Telephonic Public Hearings Extended to March 31, 2022 | JD Supra
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.
Column: Private Activity Bonds repeal
The Tax Cuts and Jobs Act approved by the House terminates the authority to issue tax-exempt Private Activity Bonds (PAB). The Senate tax bill enacted Dec. 2 does not include a repeal of PAB authority. The House estimates that repeal would generate $40 billion in tax revenues over 10 years.
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