diff --git a/addDependencyTracker.js b/addDependencyTracker.js
index 042a3ed7..24417b44 100644
--- a/addDependencyTracker.js
+++ b/addDependencyTracker.js
@@ -16,6 +16,7 @@ function addDependencyTracker(plugin, enableInvalidation) {
   // we can access.
   let lastDependencies = {};
   let trackedPlugin = (env) => {
+    let templateStackDepth = 0;
     let realPlugin = plugin(env);
     let visitor = realPlugin.visitor;
     let origProgram = visitor.Program;
@@ -31,20 +32,30 @@ function addDependencyTracker(plugin, enableInvalidation) {
         origKeys = origProgram.keys;
       }
     }
+    // Ideally we'd use visitor.Template but we still support versions of
+    // handlebars where the template node didn't exist yet. Templates can have
+    // nested Program nodes. Since we can't rely on the Template node yet, we
+    // have to keep a stack counter of Program nodes that we've seen so far.
     visitor.Program = {
       keys: origKeys,
       enter: (node) => {
-        if (realPlugin.resetDependencies) {
-          realPlugin.resetDependencies(env.meta.moduleName);
+        templateStackDepth++;
+        if (templateStackDepth === 1) {
+          if (realPlugin.resetDependencies) {
+            realPlugin.resetDependencies(env.meta.moduleName);
+          }
+          delete lastDependencies[env.meta.moduleName];
         }
-        delete lastDependencies[env.meta.moduleName];
         if (origEnter) origEnter(node);
       },
       exit: (node) => {
-        if (realPlugin.dependencies) {
-          lastDependencies[env.meta.moduleName] = realPlugin.dependencies(env.meta.moduleName);
+        if (templateStackDepth === 1) {
+          if (realPlugin.dependencies) {
+            lastDependencies[env.meta.moduleName] = realPlugin.dependencies(env.meta.moduleName);
+          }
         }
         if (origExit) origExit(node)
+        templateStackDepth--;
       }
     };
     return realPlugin;
diff --git a/node-tests/ast_plugins_test.js b/node-tests/ast_plugins_test.js
index 901af352..32bfecc8 100644
--- a/node-tests/ast_plugins_test.js
+++ b/node-tests/ast_plugins_test.js
@@ -49,6 +49,7 @@ describe('AST plugins', function(){
 
   let rewriterCallCount;
   function DivRewriterImpl(env) {
+    let programStackDepth = 0;
     let rewriter = {
       name: "test-div-rewriter",
       tagNameFile: undefined,
@@ -61,19 +62,27 @@ describe('AST plugins', function(){
         return rewriter.tagNameFile ? [rewriter.tagNameFile] : [];
       },
       visitor: {
-        Program() {
-          let sourceFile = env.meta.moduleName;
-          let pathInfo = sourceFile && path.parse(sourceFile);
-          if (pathInfo) {
-            if (pathInfo.base === "template.hbs") {
-              rewriterCallCount++;
-            }
-            let tagNameFile = input.path(`${pathInfo.name}.tagname`);
-            if (fs.existsSync(tagNameFile)) {
-              let tagName = fs.readFileSync(tagNameFile, "utf-8").trim();
-              rewriter.tagName = tagName;
-              rewriter.tagNameFile = tagNameFile;
+        Program: {
+          enter() {
+            programStackDepth++;
+            if (programStackDepth === 1) {
+              let sourceFile = env.meta.moduleName;
+              let pathInfo = sourceFile && path.parse(sourceFile);
+              if (pathInfo) {
+                if (pathInfo.base === "template.hbs") {
+                  rewriterCallCount++;
+                }
+                let tagNameFile = input.path(`${pathInfo.name}.tagname`);
+                if (fs.existsSync(tagNameFile)) {
+                  let tagName = fs.readFileSync(tagNameFile, "utf-8").trim();
+                  rewriter.tagName = tagName;
+                  rewriter.tagNameFile = tagNameFile;
+                }
+              }
             }
+          },
+          exit() {
+            programStackDepth--;
           }
         },
         ElementNode(node) {
diff --git a/node-tests/fixtures/template-with-bom.hbs b/node-tests/fixtures/template-with-bom.hbs
index c538b9ac..485ae614 100644
--- a/node-tests/fixtures/template-with-bom.hbs
+++ b/node-tests/fixtures/template-with-bom.hbs
@@ -1,3 +1,5 @@
 <div>
-  {{ name }}
+  {{#foo-bar}}
+    {{ name }}
+  {{/foo-bar}}
 </div>
diff --git a/node-tests/fixtures/template.hbs b/node-tests/fixtures/template.hbs
index fc697a1a..cc0bb261 100644
--- a/node-tests/fixtures/template.hbs
+++ b/node-tests/fixtures/template.hbs
@@ -1,3 +1,5 @@
 <div>
-  {{ name }}
+  {{#foo-bar}}
+    {{ name }}
+  {{/foo-bar}}
 </div>