Governments love to give out taxpayer money to private companies in an attempt to spur economic development. But what about the state and local agencies who miss out on that revenue? A new report suggests that schools bear the brunt of the loss.
The Governmental Accounting Standards Board (GASB) is a private independent organization that “establishes accounting and financial reporting standards for U.S. state and local governments.” One such recommendation, issued as GASB Statement No. 77, “requires state and local governments to disclose key information about their tax abatement agreements,” in which state and local governments agree to reduce an individual person’s or company’s taxes, typically in exchange for some sort of economic development project.
Good Jobs First, a nonprofit organization that supports transparency in economic development deals, used these…
