The GASB 77 Chronicles: Commentaries and Blogs from Good Jobs First

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July 17, 2019

GASB 77 Update: Second Year’s Disclosures Again Uneven

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This blog presents the preliminary findings on 2018 state-level GASB 77 disclosure. The numbers reveal massive spending on tax abatement programs such film production tax credit, but the low total amount compared to that found in other sources indicates that programs such as tax increment financing (TIF) districts are under-reported.

 

May 31, 2018

GASB Rules: Most TIF Spending Will Remain Undisclosed

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Good Jobs First criticizes the narrow definition of tax abatement by the Governmental Accounting Standards Board (GASB) which will leave major TIF spending outside the disclosure scope and therefore undermine the transformative impact of GASB 77.  

 

November 7, 2017

GASB 77 Data: Starting to Make Headlines! -- Or Not

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What should have been a big step toward progressive and transparent taxation is being hampered by poor data quality caused by uneven compliance with GASB 77.

 

October 25, 2017

A GASB 77 Tale of Two States

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This blog compares the quality of disclosure between Nevada and Washington.

 

September 29, 2017

New York is the First State to Report GASB 77 Subsidy Data

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New York reported $1.236 billion in state revenues lost to subsidies from 13 different subsidy programs. The largest subsidies were granted through the Film and Commercial Production Credit, which at $621 million accounted for more than half of total subsidies.

 

July 20, 2017

Early GASB 77 Disclosure: One Hot Mess

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GASB 77 disclosure is highly uneven so far. This blog presents data on the four highest disclosures to date.

 

June 21, 2017

Why Public Officials Should Embrace GASB 77

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Greg LeRoy discusses the reasons that GASB 77 disclosure can benefit the government as well as the public in this guest Column for Katherine Barrett and Richard Greene’s B & G Report.

 

June 14, 2017

Early Tax Abatement Disclosures Under GASB 77: Incomplete, Mislabeled—and Occasionally Spectacular

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Greg LeRoy critiques early GASB 77 reporting in this piece published in Bloomberg BNA.

 

May 25, 2017

GASB 77: Finally, Sonar for “Budget Icebergs”  

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Good Jobs First hypothesizes on what to expect from first-time tax abatement disclosure requirement.

 

May 17, 2017

New Mexico Leads the Way on GASB Statement No. 77

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State’s Auditor in New Mexico takes the lead on enforcing compliance by local governments. States with low compliance from local governments should follow this best practice.

 

May 11, 2017

Birmingham (AL) Goes Above and Beyond in New Subsidy Reporting Rules

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Best practice identified: Birmingham released its data a year early and named names of subsidy recipients.

 

May 1, 2017

New Tax-Break Sunshine Rule Clarified: Some TIF, Other Tax Incentives Covered; Ohio Auditor Yost Apparently Corrected

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New GASB implementation guide challenges advice given by OH State Auditor to Columbus City Auditor.

 

May 1, 2017

Good Jobs First Lauds Accounting Board Clarifying Tax Break Sunshine Rule

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According to the latest GASB’s implementation guide: pay-as-you-go TIFs are reportable under GASB 77.

 

April 20, 2017

Good Jobs First Cites Problems with Columbus (OH) Tax Abatement Disclosures

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Columbus OH was an early reporter of GASB 77 data; what it deemed a reportable tax abatement raised eyebrows.

 

March 8, 2017

Most Big Localities Still Fail to Disclose Tax-Break Recipients

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A second round of analysis by Good Jobs First’s reveals uneven disclosure among 50 largest local governments.

 

January 27, 2017

2017: A Landmark Year for Transparency on State and Local ‘‘Corporate Welfare’’

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Greg LeRoy discusses what GASB 77 signifies in this piece published in Bloomberg BNA.

 

January 4, 2017

Disclosing the Costs of Corporate Welfare

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Greg LeRoy discusses GASB 77 in anticipation of new disclosure data in this piece published by The American Prospect.

 

October 3, 2016

It is late 2016: Do you know where your state is on GASB 77 corporate welfare data?

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State and local officials are gearing up for compliance with the new disclosure rule GASB 77 and putting together data on revenue lost to tax abatement programs.

 

December 17, 2015

GASB Launches a New Era of Subsidy Transparency

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The Governmental Accounting Standards Board (GASB) implements new disclosure rule. governments must now report how much tax revenue is lost yearly to tax abatement programs. For the first time ever, governments must disclose how much tax revenue they lose every year to tax abatement programs.

 

August 13, 2015

Good Jobs First Lauds New Tax-Break Accounting Standard

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The Governmental Accounting Standards Board (GASB) passes new rule on tax abatement disclosures – historic good news for taxpayers.

 

 

 

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