Released Regulatory Relief for Issuers of Certain Tax-Exempt Bonds
Treasury and the Internal Revenue Service released welcome temporary guidance addressing two of the many issues provoked by the COVID 19 pandemic.
Rev. Proc. 2020-21 permits issuers of private activity bonds to hold the public hearings required by the TEFRA rules by teleconference, expanding existing guidance requiring such hearings to be conducted in person.
Notice 2020-25 generally allows issuers of governmental bonds to purchase and hold their own tax-exempt qualified tender bonds and commercial paper during calendar year 2020, without causing such obligations to be considered extinguished for federal tax purposes.
It should be noted that the provisions set forth in both these measures apply to events taking place in calendar year 2020.
Bond Counsel in the Nation
Also of Interest
- Hawkins Elects Robert Radigan to the Partnership
Hawkins Delafield & Wood LLP is pleased to announce the election of Robert Radigan to the Partnership effective January 1, 2021.
- Four Hawkins Transactions Win Bond Buyer Deal of the Year Awards
Hawkins is proud to have served as counsel on four financings that won The Bond Buyer deal of the year awards for 2020.
- Extension of Ability to Hold Telephonic TEFRA Hearings
In consideration of the ongoing Covid-19 pandemic, Treasury and the Internal Revenue Service have extended the temporary guidance originally provided in Rev. Proc. 2020-21, published in May of 2020.
- Some Guidance Relating to Transitions Away from LIBOR
Hawkins Advisory describes the provisions of Rev. Proc. 2020-44 as they apply to issuances of tax-exempt bonds.