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HRD-93-27R 1 (1993-05-21)

handle is hein.gao/gaobackjv0001 and id is 1 raw text is: G~o United States General Accounting Office Washington, D.C. 20548 Human Resources Division B-249808 May 21, 1993 The Honorable Edward M. Kennedy United States Senate The Honorable Orrin G. Hatch United States Senate The Honorable Nancy Landon Kassebaum 149812 United States Senate The Honorable Howard M. Metzenbaum The Honorable Claiborne Pell United States Senate Dear Senators: Property tax abatements granted to business by state and/or local governments are a common economic development tool in the United States. You asked us to determine the nature and extent of these abatements and their impact on public school funding. We briefed Senator Metzenbaum's staff on March 18, 1993, on the results of our assessment. Enclosed are our briefing charts with explanatory narrative that the Senator's staff requested. We found that the true impact of property tax abatements on public school funding is unclear and debatable. Thirty-two states offer property tax abatements to businesses. However, data needed to assess the impact of such abatements on school funding was not widely available. Data that were available indicate that tax abatements have little potential for widespread impact on public school funding. Furthermore, over half of the states that offered property tax abatements to businesses protect schools against possible adverse impacts of abatements through means such as payments in lieu of taxes or not allowing abatement of school property taxes. Nonetheless, the true effect of abatements on school funding may depend more on whether business and economic growth would have occurred without abatements. GAO/HRD-93-27R Tax Abatement

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