GASB 77: Reporting Rules on Tax Abatements

This information brief looks at new rules the Governmental Accounting Standards Board (GASB) has issued requiring state and local governments to disclose certain tax abatements in the annual financial report. This new requirement will make information about tax abatements at the state and local government levels available for the public to review. The new rule creates an opportunity for state and local governments to do a comprehensive review of tax abatements as they fit into their broader economic development strategy. This brief is part of a State and Local Finance Initiative project on state economic development strategies.