TEFRA Hearing Notices
Upcoming TEFRA Hearings
May 2, 2019
About TEFRA Hearings
MassDevelopment holds public hearings in connection with its bond financings, when and as required by Section 147(f)(2)(B)(i) of the Internal Revenue Code. These hearings are commonly known as TEFRA Hearings, since they were instituted by the federal Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”). The purpose of the TEFRA hearing is to receive comments, if any, from interested parties on matters regarding the issuance of bonds and the location and nature of the project for which the bond funds will be allocated. A TEFRA hearing must be held before the Governor can approve the issuance of tax exempt debt by MassDevelopment on behalf of the borrower who will repay the bond.
TEFRA hearings typically take place at the MassDevelopment office nearest to the location of the project being financed. The TEFRA notice contains a description of the project to be financed and indicates the project location and the maximum amount of bonds to be issued. The notice will be posted 14 days prior to the TEFRA hearing.
A copy of the TEFRA notice is sent to the Secretary of the Commonwealth’s State Publications and Regulations Division and the Executive Office of Administration and Finance. Prior to the meeting, written comments may be provided to MassDevelopment, Attn: Investment Banking, 99 High Street, Boston, MA 02210, in lieu of attending the meeting.
There is no presentation by either MassDevelopment or the borrower regarding the project being financed at a TEFRA hearing and no additional information beyond the description in the TEFRA notice is provided.