공공기여금 유동화에 따른 지방회계․세무상 문제점에 관한 소고

This study analyzes the legal, accounting, and tax challenges associated with securitizing future mandatory public contributions for infrastructure financing in the redevelopment of first－generation planned cities. Although such contributions can be securitized under the Asset－Backed Securitization Act, current local government accounting standards tend to recognize related structures as liabilities or contingent liabilities, creating institutional constraints. In addition, including both the contributions and securitization－related financing costs in the acquisition tax base increases project burdens and may weaken housing－supply objectives. The absence of explicit statutory provisions governing the imposition, collection, and enforcement of these public－law monetary obligations further limits administrative effectiveness. To address these issues, this study proposes： (1) clarifying securitization authority within the Special Act on the Maintenance of Aged Planned Cities； (2) adopting non－recourse, non－guaranteed structures to minimize liability recognition； (3) refining acquisition tax rules to prevent excessive burdens arising from contributions and financing costs；and (4) establishing a clear legal framework for imposing and enforcing mandatory public contributions. These improvements would align legal, accounting, and tax systems, enabling securitization to support timely infrastructure delivery while safeguarding fiscal soundness and maintaining neutrality in local public finance.