GASB 77

Georgia Whiffs, Bernalillo County Homers on Tax-Break Disclosures!

As states and localities finally start to disclose how much revenue they lose to corporate welfare (thanks to GASB Statement 77*), we continue to see laggards and leaders.

 

Now Available: GJF's Newest Subsidy Tracker 2 Database for GASB 77 Data

51 State-Specific “Roadmaps” Also Issued 

Good Jobs First Announces “Subsidy Tracker 2” to Collect New GASB Statement 77 Tax Abatement Data

 

Why Public Officials Should Embrace GASB 77

In a guest column for the influential government performance website of Katherine Barrett and Richard Greene, the B & G Report, we argue that public officials have a strong self-interest in complying with GASB Statement 77 and in encouraging a smarter public debate over public spending priorities that will be enabled by the new data.

07/11/2017

By Greg LeRoy, CNBC

Then-candidate Donald Trump made American jobs a hyper-politicized issue, and even though unemployment is low, it's still big news when Carrier lays off workers in Indiana or when Taiwanese electronics giant Foxconn eyes Midwestern states to possibly create thousands of new jobs.

States and localities spend aggressively to lure private investment: one academic study estimated $70 billion per year — and that was before the Great Recession prompted some governors and mayors to double down on tax-break offers.

06/14/2017

By Greg LeRoy in Bloomberg/BNA Daily Tax Report

As of early June, more than a dozen local governments have issued Comprehensive Annual Financial Reports (CAFRs) reporting for the first time how much revenue they lost to economic development tax break programs. Some of these early disclosures are overly narrow, others are needlessly difficult to decipher—and a few go far beyond the basic requirements, providing taxpayers and investors outstanding new information.

GASB 77: Finally, Sonar for “Budget Icebergs”

As we await this year’s geyser of first-ever tax break data under GASB Statement 77*, Good Jobs First is especially keen to see how some “budget icebergs” will be revealed.

For example:

05/21/2017

By Julie Carr Smyth, The Associated Press

COLUMBUS, Ohio — Want to know how much money governments give away in corporate tax breaks? Good luck.

For years, the figure has been incredibly difficult to calculate. That’s because states, cities and other government units haven’t been directed to uniformly report the value attached to the various tax incentives, abatements and financing deals they agree to as a way of stimulating economic growth.

A major accounting shift taking place across the U.S. now is changing things.