Tax abatement disclosures
The Governmental Accounting Standards Board (GASB) issued statement no. 77 regarding tax abatement disclosures in August 2015. GASB provides a summary of the statement and links to additional detail regarding statement no. 77.
The Department calculated estimated state and local impacts for the state’s Fiscal Year 2021. These estimates require data not available each year until late August/early September; hence, local governments will need to use these estimates for calendar year reporting in May and June of 2021. The spreadsheet only lists impacted jurisdictions. A “D” means the data is confidential and cannot be disclosed.
The preferences included in this spreadsheet are, for purposes of the GASB Statement 77 reporting requirements, tax abatement agreements determined to have been entered into by the state. The reported figures include estimated impacts on local governments for the covered period. Note, a local government may have entered into its own tax abatement agreements separate from those addressed here. The Department cannot advise on any particular financial reporting requirements. Should you have any questions about your local government’s responsibilities with respect to GASB Statement 77, the Office of Financial Management, the State Auditor’s Office, and GASB are resources that may be worth consulting.