States, counties will have to reveal more about incentives given to create jobs

South Carolina taxpayers soon will be able to learn more about tax breaks and inducements that state and county officials give companies to attract jobs.

Starting Dec. 15, state and county officials must disclose the value of such incentives that many companies receive to settle in the area or to expand significantly.

Those incentives most often are given in the form of state income tax credits and partial waivers of county property taxes through fee-in-lieu-of taxes agreements.

The new disclosure requirement was adopted last week by the Governmental Accounting Standards Board, a private nonprofit agency that oversees financial reporting for public agencies nationwide.