Shining a light on the cost of certain tax breaks

摘要

For years, taxpayers were in the dark about how much money their state and local governments lost by giving economic development tax breaks to businesses. But the Governmental Accounting Standards Board has issued new rules that will shine a light on the situation. Under GASB 77, as the rule is called, states and localities will be required to report the annual cost of subsidies such as corporate income tax credits, property tax reductions and sales tax exemptions.