HB 352/LM (BR 1308) - W. Stone, B. Rowland, J. Bell, K. Imes, M. King, S. Rudy, J. Tilley
AN ACT relating to TVA in-lieu-of-tax payments and making an appropriation therefor.
Amend KRS 96.895 to provide that, beginning in fiscal year 2014-2015, a portion of the Tennessee Valley Authority 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 transfer 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 2018-2019, and each fiscal year thereafter, not to exceed $6,000,000 each year.
Feb 12-introduced in House
Feb 13-to Appropriations & Revenue (H)