HB676 Summary

• Establishes distribution formula for Tennessee Valley Authority (TVA) in-lieu-of-taxes payments to Jackson County: 4% to Legislative Delegation Office, 40% to public schools (per pupil basis), 30% to incorporated municipalities (population basis), and 26% to county general fund.

• Creates a Discretionary Fund Committee comprised of two residents appointed by the state senator and one resident per House member representing Jackson County to direct disbursement of the 26% county general fund allocation and any growth in TVA payments since October 1999.

• Directs that Jackson County Economic Development Authority, Jackson County Hospital Board, and county departments that previously received TVA funds be given first priority when the Discretionary Fund Committee makes disbursements.

• Repeals Act 79-473 (1979), Act 88-292 (1988), and Act 99-550 (1999), which contained prior TVA payment distribution provisions.

• Becomes effective immediately upon passage and approval by the Governor.