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CHANGES PROPOSED TO LOW-INCOME HOUSING TAX CREDIT GAAP RULES

Friday, April 19, 2013 - 8:00AM

The Financial Accounting Standards Board Emerging Issues Task Force (EITF) released an exposure draft of proposed amendments that would modify the conditions that an entity would be required to meet to elect to use the effective yield method for qualified low-income housing tax credit (LIHTC) investments. The proposed amendments would also allow the entity to use both cash flows from the LIHTCs and other tax benefits for the calculation of the investor’s projected yield, and they would require recurring disclosures about investments in qualified affordable housing developments. The EITF invites individuals and organizations to provide comments by June 17.

To hear more about the proposed amendments tune in to the Tax Credit Tuesday podcast on April 23. In the meantime, background information and related resources can be found on the Tax Credit Accounting Hot Topics page.

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