Three non-profit watchdog groups today lauded New York City Comptroller Scott Stringer for being the first government officer in the United States to comply with a new accounting rule requiring the disclosure of how much revenue is lost to corporate tax breaks given for economic development. More than 50,000 state and local government bodies are expected to issue such data over the next two years.
The new data is mandated by Governmental Accounting Standards Board (GASB) Statement No. 77 on Tax Abatement Disclosures, but New York City was not technically required to include the data until its next financial report, to be issued in fall 2017.