Tax Abatement Disclosures in 2018: 100 Largest US Cities
Statement No. 77 on Tax Abatement Disclosures (GASB 77) set forth by the Governmental Accounting Standards Board (GASB) requires compliant public budgets to report how much revenue the government body loses yearly to economic development tax abatement programs. Good Jobs First tracks these disclosures as part of its mission to promote transparency and accountability.
The total amount of foregone tax revenue for the 71 out of the 100 largest U.S. cities that reported in 2018 is $5.8 billion.