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GASB 77 requires standard reporting by governments of a certain category of tax expenditures - tax abatements, defined as special tax benefits set forth in
GASB 77 requires standard reporting by governments of a certain category of tax expenditures - "tax abatements," defined as special tax benefits set forth in an agreement and provided in return for economic activity. Unlike other tax expenditures, those covered by GASB 77 are generally negotiated/awarded on an individual basis as an economic development tool.
In what circumstances, if any, do you think negotiated tax expenditures are appropriate? In what circumstances do you think they are inappropriate?
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