The Financial Accounting Standards Board released Accounting Standards Update 2023-02, which expanded the ability to use the proportional amortization method of accounting to all tax credits. Michael Novogradac, CPA, and Novogradac partner Brad Elphick, CPA, discuss what the announcement means for multiple types of tax credit investments, including federal low-income housing tax credits, new markets tax credits, historic tax rehabilitation credits and renewable energy tax credits such as the production tax credit and investment tax credit. They discuss how the impacts of proportional amortization can be further expanded and how additional action could spur deeper change.