Tax abatement disclosures often need to be enforced at the state level. We have isolated a few states that have abnormally low disclosure rates among their local governments. Is there underreporting going on? Is underreporting a statewide problem?
For local governments, acknowledging GASB Statement No. 77 on Tax Abatement Disclosures is not a bad start, but not disclosing the amount of taxes abated is bad for transparency. This blog exposes the common "excuses".
When a local government does not report on tax abatements, is it not complying with the GASB 77 disclosure rule, or is there nothing to disclose? This blog answers the question.
Good Jobs First – a non-profit, non-partisan research center focusing on economic development accountability – today published the second half of a 13-state report “Putting State Pension Costs in Context.” The report found that Colorado, Georgia, Louisiana, Missouri, South Carolina, Texas, and Vermont together spend more than $17 billion per year in development subsidies and tax breaks for corporations, about five times the states’ yearly pension obligations.
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.