State and Local GASB 77 Tax Abatement Disclosures for FY18 & FY19: Known Spending Rises, Compliance Still Uneven
Many governments on July-to-June fiscal years have now issued their FY19 Financial Reports, and we at Good Jobs First are scanning them for tax abatement disclosures and adding them to our FY18 analysis. We discuss here our first take on reports from states and major local jurisdictions.
Washington, DC: January 22, 2020 – Public pensions are seriously underfunded in some states, and the situation is not helped by the fact that states continue to give huge tax breaks and other subsidies to corporations. Such subsidies often exceed the amount a state owes to maintain its pension obligations.
By Christine Wen
July 17, 2019
As Good Jobs First readers know, a new government accounting rule called GASB Statement 77 on Tax Abatement Disclosures took effect in 2016/FY 2017, so we are now getting the second year of new disclosures. For the first time ever, most governments