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This proposed Opinion was drafted on the basis of the bill (HR 10947) passed by the House October 6 and will require that benefits arising from investment tax credits be accounted for as reductions of income tax expense over the periods in which the cost of the related property is charged to income. In taking final action, the Board will, of course, take into consideration any changes in relevant provisions of the law as finally enacted that differ substantially from those provisions in the House bill.
Investment tax credit -- Accounting -- Standards -- United States
Accounting | Taxation
American Institute of Certified Public Accountants. Accounting Principles Board, "Proposed APB opinion : Accounting for investment tax credits;Accounting for investment tax credits" (1971). Statements of Position. 342.