More than 130 nations are working toward an agreement to ensure that multinational corporations pay a minimum level of income taxes. The second of two “pillars” in this framework would ensure that the world’s largest and most profitable companies are taxed in each jurisdiction in which they do business at an effective rate of 15%. Since any rate less than 15% would make the corporation subject to a top-up tax to reach that level, there are concerns about how U.S. general business credits–including the low-income housing tax credit (LIHTC), historic tax credit (HTC), new markets tax credit (NMTC) and renewable energy tax credits (RETCs)–would contribute to lowering effective tax rates below 15%. In this podcast, Michael Novogradac, CPA, and Novogradac partner Brad Elphick, CPA, discuss the global minimum tax and issues associated with it concerning tax credit equity. They discuss how and when potential guidance would affect tax equity investments, potential approaches to mitigate the damage to tax equity investments, how the equity investment exclusion approach would work, how the proportional amortization and HLBV approaches fit, the joint venture rule and portfolio shareholdings. The conclude with the next steps that stakeholders in community development tax incentives should take.