GASB Statement No. 77 on Tax Abatement Disclosures

(GASB = Governmental Accounting Standards Board)

(GAAP = Generally Accepted Accounting Principles)

 

GASB Statement No. 77 (read the full text of the statement here) or simply “GASB 77” requires GAAP-compliant public budgets to report how much revenue the government body lost to “tax abatements” – corporate tax breaks granted in the name of economic development. Good Jobs First tracks these disclosures as part of its mission to promote transparency and accountability.

 

GASB 77 ESSENTIALS

Start with these links to learn everything you need to know about GASB 77 requirement for tax abatement disclosures – compiled, curated, and written by Good Jobs First.

 

GASB 77 Primer and FAQs

what the statement says, how it came about, and what it means for transparency and inequality

 

GASB 77 Chronicles

regularly-updated commentaries, press releases, and blogs by Good Jobs First as GASB 77 subsidy data is being published

 

GASB 77 “State Roadmaps”

state profiles constructed by Good Jobs First with information about which state officials are in charge of GASB 77 implementation

 

 

OTHER USEFUL RESOURCES

From Good Jobs First:

Good Jobs First analysis of GASB 77

Good Jobs First study on school finance using GASB 77 data

Good Jobs First estimate of local government compliance

 

From Elsewhere:

GASB Implementation Guide (annual updates on accounting rules)

2019   2018   2017   2016

Center for Municipal Finance’s compendium of CAFRs and single audits

 

 

WE OFFER TECHNICAL ASSISTANCE

Good Jobs First is now assisting groups that seek to ensure effective compliance with GASB 77 so that the new data becomes immediately useful. If you want more information about how to activate GASB 77 in your state or locality, email Greg LeRoy at goodjobs@goodjobsfirst.org.

 

 

COMING SOON – STAY TUNED

Good Jobs First’s new searchable database on tax abatement disclosures

  • fixes lag issues in the old SubsidyTracker 2
  • contains many newly updated entries