SECTION 6. REQUEST FOR

COMMENTS

This revenue procedure provides that the United States and area median gross income figures specified in § 3.01 released by HUD may be relied upon until the Internal Revenue Service (IRS) publishes a revenue procedure in the Internal Revenue Bulletin indicating that HUD has released updated income limits. The Department of the Treasury and the IRS solicit public comments on whether, instead of publishing this revenue procedure annually, the IRS should publish permanent guidance that would allow issuers to rely on the United States and area median gross income figures immediately upon release of those figures by HUD. See, e.g., Rev. Rul. 94-57, 1994-2 C.B. 5 (permitting taxpayers to rely on HUD income limits for certain purposes of § 42). The Department of the Treasury and the IRS also solicit public comments on whether such guidance should: (1) allow an issuer the choice to use the HUD figures for the current year or the HUD figures for the prior year or earlier years; and (2) provide a transition period that allows an issuer to rely on HUD figures from the prior year or earlier years and, if a transition period should be provided, the number of days in the transition period. Comments should be submitted in writing on or before October 13, 2020, and should contain a reference to this Rev. Proc. 2020-33.

All comments will be available for public inspection and copying. Commenters are strongly suggested to submit comments electronically, as access to mail may be limited. Comments may be submitted in one of two ways: (1) Electronically via the Federal eRulemaking Portal at www.regulations.gov (type IRS Rev. Proc. 2020-33 in the search field on the regulations.gov homepage to find this revenue procedure and submit comments).

Bulletin No. 2020–25 957 June 15, 2020

(2) Alternatively, by mail to Internal

Revenue Service, CC:PA:LPD:PR (Rev. Proc. 2020-33), Room 5203, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044.

DRAFTING INFORMATION

The principal authors of this revenue procedure are Timothy Jones and David White of the Office of Associate

Chief Counsel (Financial Institutions & Products). For further information regarding this revenue procedure contact Mr. White at (202) 317-6980 (not a tollfree ­number).

June 15, 2020 958 Bulletin No. 2020–25