Reporting Requirements Of Tax Incentive Impact

Webinar: ID# 1021661
Recorded CD
About This Course:
It is no secret that for many years governments have been issuing rebates in order to attract employers to relocate and stay in their jurisdictions. The number of states offering property tax rebates has increased from 15 in 1965 to over 35 today.

In 2012, a New York Times investigation put the price tag for states and local governments at more than $80 billion. In response to a public outcry for greater transparency, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 77, Tax Abatement Disclosures in August 2015. GASB Statement No. 77 takes effect stating with the fiscal year that ends December 31, 2016, but earlier application is encouraged.

This webinar will cover what is now necessary to comply with this politically sensitive GASB disclosure. We will cover the background of tax rebates, how the disclosure needs to be presented to comply with this pronouncement and walk through a number of illustrative examples.


Background of Tax Abatements (the Good, the Bad, and the Ugly)
  • Brief History and Development of Tax Abatements
  • The Components of Tax Abatements
  • Typical Administration of Tax Abatement Programs
Disclosure Mechanics
  • Disclosure Principles
  • Disclosure Requirements
  • Financial Information
  • Small Government With Few Abatements
  • Large Government With Many Abatements Including Abatements of Other Governments
  • Special Issues Such as Recapture of Tax Abatements, Dealing With Confidential Information, Unit of Account
About The Presenter

John P. Garcia, CPA, M.B.A.
  • Owner of Corporate Tax Advisors
  • Assist organizations with corporate tax compliance, financial reporting, audits and planning
  • Conducts regular seminars and workshops on numerous tax subjects
  • Wrote, lobbied, and assisted in the passage of the Arizona state income tax deduction for contributions to IRC Section 529 qualified college savings plans
  • CPA, MBA – International Business. Member of the AICPA
  • B.S. degree in accounting and finance, University of Maryland
Reporting Requirements Of Tax Incentive Impact
Available on CD format
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