| Last Action | to Appropriations & Revenue (H) |
|---|---|
| Title | AN ACT relating to TVA in-lieu-of-tax payments, making an appropriation therefor, and declaring an emergency. |
| Bill Documents |
Bill
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| Bill Request Number | 1025 |
| Sponsor | K. Imes |
| 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 state 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 state TVA 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; EMERGENCY; APPROPRIATION. |
| Index Headings of Original Version |
Economic Development - TVA in-lieu-of-tax payments, direction to economic development activities Effective Dates, Emergency - TVA in-lieu-of-tax payments, direction to economic development activities Labor and Industry - TVA in-lieu-of-tax payments, direction to economic development activities Local Government - 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 Appropriations - 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 Counties - 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 |
| 01/06/16 |
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| 01/07/16 |
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Last updated: 1/16/2019 3:08 PM (EST)