: The total dollar amount of tax revenue reduced or foregone during the reporting period.
Issued in August 2015, this rule requires state and local governments in the U.S. that follow Generally Accepted Accounting Principles (GAAP) to disclose information about tax abatements in their annual financial reports. The goal is to provide transparency regarding the amount of tax revenue foregone to encourage economic development or other public benefits. Key Disclosure Requirements
For detailed state-specific roadmaps or to track these disclosures across different jurisdictions, you can visit the Tax Abatement Tracker provided by Good Jobs First . Tax Abatement Disclosures (GASB 77) - Good Jobs First gqseb-77
: Disclosures of revenue lost because of tax abatement agreements entered into by other governments (e.g., a school district losing revenue due to a city's tax break). Definition of a Tax Abatement
"gqseb-77" appears to be a typo or variation of , which refers to Statement No. 77 on Tax Abatement Disclosures issued by the Governmental Accounting Standards Board (GASB) . Core Purpose of GASB 77 : The total dollar amount of tax revenue
Governments must include the following details in the notes to their financial statements:
A promise by the individual or entity to take a specific action (like building a factory or creating jobs) that benefits the government or its citizens. The goal is to provide transparency regarding the
: Descriptions of any other commitments the government made as part of the abatement agreement beyond tax reductions.