Gqseb-77 -

Under GASB 77, a tax abatement is defined by its , not just its legal form or title. It must involve:

A promise by the individual or entity to take a specific action (like building a factory or creating jobs) that benefits the government or its citizens. gqseb-77

An agreement between one or more governments and an individual or entity. A promise by the government to forgo certain tax revenues. Under GASB 77, a tax abatement is defined