Under GASB 77, a tax abatement is defined by its , not just its legal form or title. It must involve:
A promise by the individual or entity to take a specific action (like building a factory or creating jobs) that benefits the government or its citizens. gqseb-77
: Disclosures of revenue lost because of tax abatement agreements entered into by other governments (e.g., a school district losing revenue due to a city's tax break). Definition of a Tax Abatement Under GASB 77, a tax abatement is defined
Governments must include the following details in the notes to their financial statements: Under GASB 77