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EITF Approves GAAP Amendments for LIHTC Investments

Thursday, November 14, 2013 - 8:00AM

The Financial Accounting Standards Board’s Emerging Issues Task Force (EITF) today approved GAAP amendments for low-income housing tax credit (LIHTC) investments. The EITF agreed that LIHTCs should not be classified in deferred taxes. It also agreed to permit using the primary source of economic benefit for determining the pattern of amortization. The EITF also decided not to issue a revised exposure draft for LIHTCs.

For a more detailed discussion of the meeting, check out the Nov. 19 Tax Credit Tuesday podcast.

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