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New standard will require cities and counties to report corporate tax breaks
American City and County: Cities and states for the first time will be required to disclose tax abatement agreements, which will reveal the loss of revenue from corporate tax breaks for economic development projects, according to a new Governmental Accounting Standards Board (GASB) rule.
GASB, earlier this month, issued final guidance on disclosure requirements in GASB Statement No. 77, Tax Abatement Disclosures, which are designed to provide financial statement users with essential information about the agreements and the effect they have on a government’s finances, according to a GASB press release.
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