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COMMENT LETTERS SUBMITTED REGARDING TAX CREDIT ACCOUNTING PROPOSAL

Friday, June 14, 2013 - 7:00AM

Novogradac & Company today submitted a comment letter regarding the Financial Accounting Standards Board Emerging Issues Task Force’s (EITF’s) Proposed Accounting Standards Update, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. The proposed amendments 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. In its letter, in addition to the LIHTC, Novogradac & Company discusses the proposal’s implications for new markets tax credits (NMTC), renewable energy tax credits (RETC) and historic rehabilitation tax credits (HTCs).

Also today, the NMTC Working Group submitted a comment letter responding to the proposed rule, which focused specifically on the proposal as it relates to NMTCs.

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