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GASB issues Statement on tax abatement disclosures

  • GASB (Governmental Accounting Standards Board) (blue) Image

Aug 14, 2015

The GASB has issued Statement No. 77, “Tax Abatement Disclosures,” which requires state and local governments to disclose information about property and other tax abatement agreements.

Specifically, state and local governments that currently have tax abatement programs in place must disclose the following:

  • “The purpose of the tax abatement program
  • The tax being abated
  • Dollar amount of taxes abated
  • Provisions for recapturing abated taxes
  • The types of commitments made by tax abatement recipients
  • Other commitments made by a government in tax abatement agreements, such as to build infrastructure assets.”

Statement 77 is effective for reporting periods beginning after December 15, 2015.

For more information, see the Statement, news release, and GASB in Focus article on the GASB’s Web site.

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