Final Private Activity Bond Public Approval Regulations Streamline Notice Requirements

On December 31, 2018, the Department of the Treasury and the Internal Revenue Service released final regulations (the "Final Regulations") relating to public approval requirements for tax exempt private activity bonds.  The Final Regulations update and streamline implementation of the public approval requirement for tax exempt private activity bonds provided in section 147(f) of the Internal Revenue Code and are largely an improvement over the existing regulations that date back to 1983.  

Timing and Dissemination of Reasonable Notice

The most significant improvements in the Final Regulations over the existing regulations and proposed regulations released in September 2017 ("Proposed Regulations") are in the required timing and methods of notice of public hearing.  In response to numerous comments received, the Final Regulations reduce the required notice period from 14 days to 7 days.  Notice is now presumed reasonable if given no fewer than 7 calendar days