HI HB2094

Requires the comptroller to apply Governmental Accounting Standards Board (GASB) Statement No. 77 tax abatement disclosure requirements in the State's comprehensive annual financial report beginning in fiscal year 2016-2017 and annually thereafter.

GASB Statement No. 77 mandates disclosure of tax abatement details including descriptions, eligibility criteria, abatement methods, gross amounts of abated tax revenues, and relationships with other jurisdictions to improve financial transparency.

Authorizes the comptroller to coordinate with the department of taxation, office of the auditor, and other state or county agencies and to consult with external auditors and specialists as needed to implement the requirements.

Requires the comptroller to submit a report to the legislature no later than twenty days before the 2017 regular session if any GASB Statement No. 77 standards cannot be implemented due to barriers in existing state law or procedure, including recommendations for necessary legislation.

Effective date is July 1, 2016.