"Good Jobs First emphasizes that tax abatement programs for datacenters are costing states billions in lost revenue, yet few states report these losses as required by GAAP."
"The report identifies that only three states—Washington State, Texas, and Virginia—are properly disclosing their tax shortfalls in Annual Comprehensive Financial Reports, while many others are not."
"According to Good Jobs First, the tax abatement laws were established when datacenters were smaller, and the current trend of large facilities is leading to unprecedented revenue losses for local governments."
"The report reveals that three states are losing over $1 billion annually due to these tax incentives, with Georgia at $2.5 billion and Virginia at $1.94 billion."
Good Jobs First reports that numerous US states and local authorities are not adhering to GAAP by failing to disclose significant revenue losses from datacenter tax abatement programs. The organization identifies 14 states that do not report these losses, which have been required since 2017. Only Washington State, Texas, and Virginia properly disclose these losses in their Annual Comprehensive Financial Reports. The report highlights that tax abatement laws are outdated, as datacenters have grown significantly, leading to substantial revenue losses for governments.
Read at Theregister
Unable to calculate read time
Collection
[
|
...
]