Recording tax exemption subsidy
Compiled text through Sep 15, 2021
Register checked through Jul 29, 2026
No later Register activity identified in this check.
Dates and status
- Compiling agency
- Executive Department
- Text status
- Source receipt
- Compiled text through
- Sep 15, 2021
- Register checked through
- July 29, 2026/Vol. XLVIII, Issue 30 (2026-07-29)
- Activity status
- No later Register activity identified in this check.
- Source snapshot
- Jun 6, 2026
Simultaneously with the entries recording the State and local cash subsidies (if any) taken into revenue for the fiscal year, the value of the tax exemption subsidy for the year (see § 1648-3.6) shall be recorded by a journal entry, as follows:
Debit: Memo Account, Subsidies—Tax Exemption (Cumulative) $XXX
Credit: 3830, Local Tax Exemption Subsidy (Annual) $XXX