New Rule Will Require Local Governments to Account for Property Tax Breaks

An organization tasked with oversight of the accounting methods of government agencies will require local governments to report the value of property, sales, and income tax breaks.

Theo Francis reports on the details of a rule approved earlier this week by the Governmental Accounting Standards Board (GASB) to "require government officials to show the value of property, sales and income taxes that have been waived under agreements with companies or other taxpayers." The rule will take effect next year.

A sample of the kind of information that will be reported as a result of the new report:

James Brasuell

Full Story: http://www.planetizen.com/node/80075/new-rule-will-require-local-governments-account-property-tax-breaks