HB 46 (BR 138) - W. Stone, J. Bell, J. Carney, J. DeCesare, C. Embry Jr., R. Heath, K. Imes, M. King, M. Meredith, S. Miles, J. Richards, B. Rowland, S. Rudy, J. Tilley
AN ACT relating to TVA in-lieu-of-tax payments, making an appropriation therefor, and declaring an emergency.
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; APPROPRIATION; EMERGENCY.
(Prefiled by the sponsor(s).)
Sep 4-To: Interim Joint Committee on Appropriations and Revenue
Jan 7-introduced in House; to Appropriations & Revenue (H)