Gqseb-77 File

Issued in August 2015, this rule requires state and local governments in the U.S. that follow Generally Accepted Accounting Principles (GAAP) to disclose information about tax abatements in their annual financial reports. The goal is to provide transparency regarding the amount of tax revenue foregone to encourage economic development or other public benefits. Key Disclosure Requirements

For detailed state-specific roadmaps or to track these disclosures across different jurisdictions, you can visit the Tax Abatement Tracker provided by Good Jobs First . Tax Abatement Disclosures (GASB 77) - Good Jobs First gqseb-77

: A brief description of the tax abatement programs, including the names and purposes. Issued in August 2015, this rule requires state

Under GASB 77, a tax abatement is defined by its , not just its legal form or title. It must involve: It must involve: : Disclosures of revenue lost

: Disclosures of revenue lost because of tax abatement agreements entered into by other governments (e.g., a school district losing revenue due to a city's tax break). Definition of a Tax Abatement

Governments must include the following details in the notes to their financial statements: