| Last Action | to Appropriations & Revenue (H) |
|---|---|
| Title | AN ACT relating to TVA in-lieu-of-tax payments and making an appropriation therefor. |
| Bill Documents |
Bill
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| Impact Statements | Local Mandate |
| Bill Request Number | 1093 |
| Sponsors | W. Stone, B. Rowland, L. Bechler, J. Bell, J. Carney, W. Coursey, J. DeCesare, M. Dossett, J. Gooch Jr., R. Heath, J. Hoover, R. Huff, K. Imes, M. King, M. Meredith, S. Miles, T. Moore, R. Nelson, J. Richards, S. Rudy, F. Steele, T. Thompson, K. Upchurch, G. Watkins |
| Summary of Original Version | Amend KRS 96.895 to provide that, beginning in fiscal year 2016-2017, a portion of the Tennessee Valley Authority (TVA) in-lieu-of-tax payment made to the Commonwealth and deposited into the general fund shall be transferred to the regional development agency assistance fund to be distributed among fiscal court-designated local industrial development authorities for economic development and job creation activities; provide that the transfers will not affect the portion of the total TVA payment that is currently distributed among local government entities; provide that these transfers will be phased-in over a five-year period, with an amount equal to 50 percent of the general fund portion of the total TVA annual payment being transferred in fiscal year 2020-2021, and each fiscal year thereafter, not to exceed $6,000,000 each year; require annual reporting to fiscal court and the Legislative Research Commission; APPROPRIATION. |
| Index Headings of Original Version |
Economic Development - TVA in-lieu-of-tax payments, direction to economic development activities Taxation - TVA in-lieu-of-tax payments, direction to economic development activities Taxation, Property - TVA in-lieu-of-tax payments, direction to economic development activities Local Mandate - TVA in-lieu-of-tax payments, direction to economic development activities Counties - TVA in-lieu-of-tax payments, direction to economic development activities Budget and Financial Administration - TVA in-lieu-of-tax payments, transfer of state general fund portion to local entities Local Government - TVA in-lieu-of-tax payments, direction to economic development activities Reports Mandated - Industrial development authorities, annual report relating to TVA in-lieu-of-tax funding |
| 01/08/16 |
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| 01/11/16 |
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Last updated: 1/16/2019 3:08 PM (EST)