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PI Original
by Ellyn Fortino
5:17pm
Tue Sep 22, 2015

Emanuel Pitches Nearly $600 Million Property Tax Hike To Chicago City Council

Progress Illinois breaks down Chicago Mayor Rahm Emanuel's 2016 budget address and rounds up reaction to his fiscal proposals, including a nearly $600 million property tax hike to cover police and fire pensions and school construction costs. 

Quick Hit
by Ellyn Fortino
11:51am
Wed Sep 9, 2015

New Accounting Rule Requires Cities, States To Disclose Tax Break Costs

Government reporting on tax-based economic development subsidies will become more transparent under a new policy from the Governmental Accounting Standards Board (GASB).

That's the organization that sets accounting and financial reporting standards for U.S. states and localities.

Under GASB's "tax abatement disclosures" rule released in mid-August, state and local governments will have to disclose how much revenue they lose as part of income, property and sales tax breaks, including those designed for economic development purposes.

GASB said its new rule, the first of its kind, will make it easier to determine the impacts of tax abatement programs on a government's fiscal condition and ability to raise revenue.

"This new guidance will result in people who use governmental financial statements having access to essential information about the tax abatements governments enter into," said GASB Chair David Vaudt. "Not only will this mean that they'll have access to information that will allow them to better assess a government's financial health, but it will also make the impact of these agreements much more apparent."

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