Government requirement to disclose information on tax abatements.

• Position: Brief article

The GASB has issued final guidance that requires state and local governments for the first time to disclose information about tax abatement agreements.

The requirements in GASB Statement No. 77, Tax Abatement Disclosures, requires governments to disclose information about their own tax abatements separately from information about tax abatements that are entered into by other governments and reduce the reporting government's tax revenues. The new disclosures include:

* The purpose of the tax abatement program;

* The tax being abated;

* Dollar amount of taxes abated;

*...