Parker Poe Consulting assisted four South Carolina counties with their financial reporting obligations under Governmental Accounting Standards Board (“GASB”) Statement No. 77 - Tax Abatement Disclosures. Under GASB 77, governments are required to disclose key information about the tax abatement agreements it has entered into.
As result of GASB 77, governments are required to disclose the purpose of the tax abatement program, the tax being abated, the dollar amount of taxes abated, provisions for recapturing abated taxes, the types of commitments made by tax abatement recipients, and other commitments made by a government in tax abatement agreements.
In connection with these four county GASB 77 engagements, Parker Poe Consulting calculated the dollar amount of tax abatements, identified nonfinancial commitments made by the county, worked with Parker Poe Adams & Bernstein to produce written citations, and assisted with the dissemination of tax abatements to affected entities.
Parker Poe Consulting and Parker Poe Adams & Bernstein worked together to seamlessly help counties meet all of the new reporting requirements set forth by GASB 77.