What You Need to Know: Tax Abatement Disclosures
The GASB recently approved final guidance on disclosures regarding the tax abatements that governments provide to companies and individuals. GASB Statement No. 77, Tax Abatement Disclosures, requires state and local governments to disclose key information about their tax abatement agreements that has not been consistently or comprehensively available before.
If your government follows generally accepted governmental accounting principles, we encourage you to review the GASB Outlook on this requirement. The full text of Statement 77 is available on the GASB website, www.gasb.org.