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HB 206/LM (BR 1093) - W. Stone, B. Rowland, L. Bechler, J. Bell, R. Bunch, J. Carney, W. Coursey, J. DeCesare, M. Dossett, J. Gooch Jr., R. Heath, J. Hoover, K. Imes, M. King, M. Meredith, S. Miles, T. Moore, R. Nelson, J. Richards, S. Rudy, F. Steele, T. Thompson, K. Upchurch, G. Watkins
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 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.
Jan 08, 2016 - introduced in House
Jan 11, 2016 - to Appropriations & Revenue (H)