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."
Former Chicago mayoral candidate Jesus "Chuy" Garcia urged those attending a teach-in on the state's budget to use the grassroots momentum gained from the city's hotly-contested mayoral race as a means to combat austerity measures that could adversely impact vulnerable communities.
The Cook County Commissioner forced Mayor Rahm Emanuel into a historic runoff when Emanuel failed to get the votes needed to secure an outright win in February's municipal election. Garcia lost to Emanuel in the April runoff by 12.4 percentage points.
Garcia spoke at the teach-in held at the McKinley Park Branch Library, 1915 W. 35th St. The McKinley Park Progressive Alliance hosted the event.
"This mayoral election was one of the most contested in recent history ... and one that has created space for community groups to be active in and for different movements to amply their voices and exert some influence and power," Garcia said.
Even though Walmart has moved to increase employee wages, new data shows that the company's workers will still cost U.S. taxpayers a pretty penny to make up for the dismal earnings they bring home from working for the retail giant.
Last year, Americans for Tax Fairness issued a report stating that U.S. taxpayers pick up a $6.2 billion tab annually to cover public aid expenses for Walmart workers earning low wages.
That report came months before Walmart announced in February that 500,000 of its full- and part-time U.S. workers would be getting a wage hike. The hourly minimum wage for Walmart employees went up to $9 in April and will increase to $10 by February 2016.
In light of Walmart's new wage policy, Americans for Tax Fairness re-examined the taxpayer subsidy issue.
"Even after Walmart's planned wage increases are fully implemented, large taxpayer subsidies will still be required to compensate for Walmart's low wages," the group concludes in its newest report.
If the U.S. Supreme Court rules in favor of the plaintiffs in a case involving the Affordable Care Act and its tax subsidies, over 270,000 Illinoisans could be impacted, according to the U.S. Department of Health and Human Services.