President Donald Trump on July 4 approved multi-trillion-dollar reconciliation legislation that enacts sweeping reforms to various tax credits, including the low-income housing tax credit (LIHTC). In this week's episode of Tax Credit Tuesday, Michael Novogradac, CPA, and Dirk Wallace, CPA, review various provisions included in the legislation and discuss how the bill will impact LIHTC developers, syndicators and investors. They begin by talking about the change from the 50% financed-by test to 25%, then explain the 12% increase in the supply of 9% LIHTCs and the return of 100% bonus depreciation. They assess the impact that phasing out the Section 45L credit will have on LIHTC developments. Finally, they discuss additional key legislative items that were not included in the bill.