Much-anticipated accounting changes for low-income housing tax credit (LIHTC) investments have been approved by the Financial Accounting Standards Board’s Emerging Issues Task Force (EITF).

The EITF supported allowing qualifying LIHTC investments to use the proportional amortization method, where the costs as well as the tax credits and other tax benefits of the investment are reported in the income statement on a net basis as a component of income taxes.

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