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EITF reaches consensus on accounting for investments in tax credit structures

At its June 16 meeting, the EITF reached a consensus-for-exposure to expand the use of the proportional amortization method of accounting–currently allowed only for investments in the low-income housing tax credit–to investments in other tax credit structures that meet certain criteria. The proportional amortization method results in the tax credit investment being amortized in proportion to the allocation of tax credits and other tax benefits in each period, and also results in net presentation within the income tax line item. In addition, the EITF consensus-for-exposure includes guidance on disclosures, transition, and various implementation topics. The consensus-for-exposure is subject to ratification by the FASB at its July 13 meeting.

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