Dok većina Izjava Odbora za vladine računovodstvene standarde (GASB) utiče samo na gradove koji su obavezni da pripremaju finansijske izvještaje, Izjava GASB-a br. 77 (GASB 77), Poreske olakšice, je izuzetak. Svaki grad koji izvrši plaćanja tokom godine koja završava 30. juna po osnovu razvojnih sporazuma, rabata ili grantova za finansiranje poreskog povećanja (TIF) igraće važnu ulogu u implementaciji GASB-a 77.
GASB 77 zahtijeva od vlada da u napomenama uz svoje finansijske izvještaje otkriju iznos prihoda kojih se obećavaju odreći putem sporazuma s pojedincima ili subjektima koji obećavaju poduzeti određene radnje nakon što su sporazumi zaključeni, a koje doprinose ekonomskom razvoju ili na drugi način koriste vladama ili građanima tih vlada.
Također se od vlada zahtijeva da u napomenama uz svoje finansijske izvještaje otkriju dio prihoda koji bi vlada inače primila, a koje su druge vlade obećale odreći se putem svojih sporazuma o poreskim olakšicama.
The trigger for GASB 77 is the city’s use of tax abatements related to rebates of Tax Increment Financing (TIF). If your city has paid tax abatements to an entity during the year from TIF revenue divided during the year, you will need to use the tool to send letters to all of the other governments impacted by your tax abatement.
Yes, you should send a letter to each of the taxing jurisdictions even if the amount for them is zero. This will document that you have complied with the requirements for all jurisdictions impacted by GASB 77.
No. They receive money only through payments from taxing authorities. Since they do not directly receive tax, they are not covered under GASB 77.
Yes, the calculator tool does adjust for both school levies by taxing authority.
The LMI requirements are not reportable under GASB 77 reporting requirements because they are used by the city and not an outside entity.
Yes, the city may receive letters from the county that uses tax abatements or rebates. (See GASB 77 calculator tools to see who you need to send letters to and who will send you letters.)
Yes, the letters are generated by the GASB 77 calculator tool. The city needs to fill in the numbers on the Summary tab, enter the name of the city contact person on the Letters tab and print out the letters generated on that worksheet.
The black lines indicate active TIF districts that receive increment in FY 17. The red lines are for those districts that are active but did NOT receive increment in FY 17.
No, the Council does not need to take any action.
Yes, you can email them. It is recommended that you also keep a copy of each letter to document when the letters were sent out and to whom. It is also recommended that you save the entire file to verify the calculations used for the city’s auditors.
Tax abatements under Iowa Code Chapter 404 are only included IF the Council must approve an application or contract PRIOR to the project eligibility for the tax abatement. These calculations are not included in the GASB 77 calculator tool as few cities have this prior approval.
Yes, it should. If there is a problem, please contact us using the staff contacts listed on this page.
The total amounts on the letters may not match/tie to the amount entered on the Summary tab because not all entities are audited. Only audited entities need to receive a letter.
Yes, the sample note disclosures can be found on the Auditor of State’s web site in Note 14 of the Sample Cash City report [starts on page 35 (Word version) or 36 (PDF version)] or Note 15 of the Sample GAAP City report (page 58). City exam reports do not include tax abatement information.
All changes to TIF taxing districts must be made through the County Auditor. The County Auditor will then make the appropriate changes in our valuation system, which will flow in to this GASB 77 disclosure tool.
The legal descriptions should be updated to clear the issue of overlapping TIF districts. This should be coordinated through your legal counsels and the County Auditor. The GASB 77 disclosure tool is built out of the taxing district information reported by the County Auditors, so any changes they make will be reflected in this system.
