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Reporting Requirements of Tax Incentive Impact

OnDemand Webinar (88 minutes)

Gain a better understanding of the new reporting requirements of the GASB disclosure.It is no secret that for many years governments have been issuing rebates in order to attract employers to relocate and stay in their jurisdictions. The number of states offering property tax rebates has increased from 15 in 1965 to over 35 today. In 2012, a New York Times investigation put the price tag for states and local governments at more than $80 billion. In response to a public outcry for greater transparency, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 77, Tax Abatement Disclosures in August 2015. GASB Statement No. 77 takes effect stating with the fiscal year that ends December 31, 2016, but earlier application is encouraged. This topic will cover what is now necessary to comply with this politically sensitive GASB disclosure. We will cover the background of tax rebates, how the disclosure needs to be presented to comply with this pronouncement and walk through a number of illustrative examples.

Authors

John P. Garcia, CPA, M.B.A., Corporate Tax Advisors

Agenda

Background of Tax Abatements (the Good, the Bad, and the Ugly)

• Brief History and Development of Tax Abatements

• The Components of Tax Abatements

• Typical Administration of Tax Abatement Programs

Disclosure Mechanics

• Disclosure Principles

• Disclosure Requirements

• Financial Information

Examples

• Small Government With Few Abatements

• Large Government With Many Abatements Including Abatements of Other Governments

• Special Issues Such as Recapture of Tax Abatements, Dealing With Confidential Information, Unit of Account