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States and cities spend tens of billions of dollars on “corporate welfare,” or economic development tax breaks for all kinds of projects. Persistent shoe-leather reporting has long proven effective in exposing problems with many deals. Now a new accounting rule, Governmental Accounting Standards Board Statement No. 77 on Tax Abatement Disclosures, is about to generate first-ever spending data from more than 50,000 local and state bodies of government, a new investigative gold mine!
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