Pennsylvania 2018 GASB-77 Data
PENNSYLVANIA 2018 GASB-77 DATA:
How much did KOZ and LERTA cost?
GASB-77, or Statement No. 77 of the generally accepted accounting principles, requires governments to disclose the amount of foregone tax revenue due to tax abatement programs.
Updated: September 17, 2019
In 2018, ten programs have led to reduction in state tax revenue:
- Coal Refuse Energy and Reclamation Tax Credit
- Education Tax Credit
- Film Production Tax Credit
- Keystone Innovation Zone (KIZ) Program
- Keystone Opportunity Zone (KOZ) Program
- Neighborhood Assistance Programs
- Neighborhood Improvement Zone Program
- Opportunity Scholarship Tax Credit
- Resource Enhancement and Protection Tax Credit
- Tax Credit for New Jobs
In total, $411 million was abated – the 5 th highest among all the states.
In the fiscal year ending in 2018, 73 out of 446 sampled school districts included notes on tax abatement in accordance with GASB-77, which is an improvement from 2017 when 85 out of 770 in 2017 did.
67 school districts provided a dollar figure the amount of tax abated, including the eleven instances – where this number is zero. The total amount disclosed is $112,845,769 or approximately $112.8 million .
The most impactful programs are: Keystone Opportunity Zone ( KOZ ), Local Economic Revitalization Tax Assistance ( LERTA ), and Pennsylvania Clean and Green programs ( C&G ). Some localities have all three going on.
- 17 school districts are involved in/affected by KOZ and disclosed a total of $15,078,897 or approx. $15.1 million.
- 27 school districts have agreements as part of LERTA and disclosed a total of $8,004,436 or approx. $8.0 million.
- 11 school districts have agreements as part of C&G and disclosed a total of $18,741,395 or approx. $18.7 million.
- 8 school districts overlap with TIF districts which resulted in a total of $2,964,096 or approximately $3.0 million in foregone property tax revenue in 2017-2018.
See the list of Pennsylvania localities that complied with GASB 77 in 2018.