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AL HB606
Bill
Status
5/16/2017
Primary Sponsor
Chris Pringle
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AI Summary
HB606 Summary
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Phases out distribution of Tennessee Valley Authority (T.V.A.) in-lieu-of-taxes payments to T.V.A.-served counties over three years, reducing from 78% in fiscal year 2016-2017 to 52% in 2017-2018, 26% in 2018-2019, and 0% from 2019-2020 onward.
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Increases State General Fund share of in-lieu-of-taxes payments to 48% for fiscal year 2018, 74% for fiscal year 2019, and 100% for fiscal year 2020 and thereafter.
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Eliminates distribution of 5% of in-lieu-of-taxes payments to dry counties not served by T.V.A. after September 30, 2017, redirecting these funds to the State General Fund beginning fiscal year 2019-2020.
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Maintains minimum distribution requirements for T.V.A.-served dry counties receiving funds under Section 40-28-3, ensuring they receive no less than their 1978-1979 A.B.C. payment amounts.
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Takes effect immediately upon passage and gubernatorial approval.
Legislative Description
Tennessee Valley Authority, payments in-lieu-of-taxes, redistribution of the payments to dry counties and municipalities under existing law to counties served by TVA, certain increases in liquor tax receipts distributed to dry counties and municipalities, Sec. 40-28-2 am'd.
Tennessee Valley Authority
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
5/16/2017