The Internal Revenue Service (IRS) issued two guidance documents concerning tax-exempt private activity bonds (PABs). In Revenue Procedure 2020-21, the IRS provides temporary guidance to allow hearings held by teleconference due to the COVID-19 pandemic to meet the statutory public approval requirement for PABs. Notice 2020-25 temporarily expands the circumstances and period for which a PAB is treated as “continuing in effect” without requiring the reissuance or retirement. There also is relief regarding a holding period and qualified hedge. Notice 2020-25 is in effect retroactive to January 1. The IRS said the allowances are being made in recognition of the need for liquidity and stability in the market during the current period of economic disruption.
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