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State and Local Government › Tax Incentives › Tax Abatement

Keating Muething & Klekamp PLL

Ohio Revised Code § 5709.56

Keating Muething & Klekamp PLL on

In 1972, the average home price in the United States was approximately $30,000. Fifty years later, that number broke $500,000, an increase that is, no doubt, aggravated by a 4.5 million-unit deficit in supply. State and local...more

Seyfarth Shaw LLP

DC Proposes Tax Abatement to Incentivize Conversion to Housing Development

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The District of Columbia’s office market, particularly Class B and C properties, is facing a calamity of epic proportions with occupancy, revenues, and valuations plummeting. Like other municipalities facing similar office...more

McGuireWoods LLP

Fairfax County, Virginia, Adopts Real Estate Tax Abatement and Other Economic Incentives (Updated)

McGuireWoods LLP on

This alert was originally published Sept. 16, 2020. New information has been added. The Fairfax County Board of Supervisors recently moved forward in its consideration of a new Economic Incentive Program (EIP) that would...more

Akerman LLP

Extension of Incentive Programs in New York State's 2021 Budget More Valuable Than Ever Due to COVID-19

Akerman LLP on

The New York State Enacted Fiscal Year 2021 budget included the renewal and extension of nine programs that abate real estate taxes, city corporate taxes, sales taxes, and provide energy discounts to qualified applicants....more

Bricker Graydon LLP

Local governments need more transparency for tax abatements, report says

Bricker Graydon LLP on

New rules by the nonprofit Governmental Accounting Standards Board [GASB] “can encourage local governments to be more transparent regarding their tax abatements,” says a report by Policy Matters Ohio, according to a recent...more

Haynsworth Sinkler Boyd, P.A.

GASB 77 - What Is It, And How Can We Prepare?

Haynsworth Sinkler Boyd, P.A. on

What is GASB 77 and why does it exist? GASB 77 is an accounting pronouncement applicable to the financial statements of state and local governments. In order for their financial statements to be prepared in accordance with...more

Parker Poe Adams & Bernstein LLP

New Governmental Accounting Standards Board (“GASB”) Rules Require Governments to Disclose Tax Abatement Agreements in Financial...

Parker Poe Adams & Bernstein LLP on

State and local governmental entities (“Governments”) nationwide will soon face new financial statement disclosure requirements regarding existing tax incentive agreements. While the GASB encourages Governments to begin...more

Alston & Bird

GASB Issues Final Rule on Financial Reporting of Tax Abatements

Alston & Bird on

On August 15, 2015, the Government Accounting Standards Board (GASB) issued Statement No. 77 (the “Tax Abatement Standard”) concerning financial reporting of tax abatements and other economic development incentives that...more

McDermott Will & Emery

Should Companies Adjust Their Incentive Strategies in Light of New Governmental Accounting Disclosure Requirements?

McDermott Will & Emery on

Earlier this month, the Governmental Accounting Standards Board (GASB) approved Statement No. 77, Tax Abatement Disclosures, which requires state and local governments to report on foregone revenue from tax abatement...more

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