US Laws, Codes, Statutes & Cases

 
    §  240.  Tax  Benefit  Report.  Not  later  than  the fifteenth day of
  February the mayor shall submit to the  council  a  tax  benefit  report
  which  shall  include:  a.  a  listing  of  all  exclusions, exemptions,
  abatements,  credits  or  other  benefits  allowed  against   city   tax
  liability,  against  the base or the rate of, or the amount due pursuant
  to, each city tax, provided however that such listing need  not  include
  any  benefits  which are applicable without any city action to such city
  tax because they are available in regard to a federal or  state  tax  on
  which such city tax is based; and
    b.  a  description  of  each  tax  benefit  included  in such listing,
  providing the following information:
    1. the legal authority for such tax benefit;
    2. the objectives of,  and  eligibility  requirements  for,  such  tax
  benefit;
    3.  such  data  and  supporting  documentation  as  are  available and
  meaningful regarding the number and kind  of  taxpayers  using  benefits
  pursuant  to  such  tax  benefit  and  the total amount of benefits used
  pursuant to such tax benefit, by taxable and/or fiscal year;
    4. for each tax benefit pursuant to which a  taxpayer  is  allowed  to
  claim  benefits  in  one year and carry them over for use in one or more
  later years, the number and kind of taxpayers carrying forward  benefits
  pursuant  to  such  tax benefit and the total amount of benefits carried
  forward, by taxable and/or fiscal year;
    5. for nineteen hundred ninety and each year thereafter for which  the
  information required by paragraphs three and four are not available, the
  reasons  therefor,  the steps being taken to provide such information as
  soon as possible, and the first year for which such information will  be
  available;
    6.  such  data  and  supporting  documentation  as  are  available and
  meaningful  regarding  the  economic  and  social   impact   and   other
  consequences of such tax benefit; and
    7.  a  listing  and  summary of all evaluations and audits of such tax
  benefit issued during the previous two years.