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AL HB215
Bill
Status
1/16/2018
Primary Sponsor
Chris Pringle
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AI Summary
HB 215 Summary
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Phases out Tennessee Valley Authority (TVA) in-lieu-of-taxes payments to TVA-served counties over a three-year period beginning fiscal year 2018-19, reducing from 78% to 52% (2018-19), 26% (2019-20), and 0% (2020-21 and thereafter).
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Redirects eliminated TVA payments to the State General Fund, increasing state revenue from 17% to 48% (2019), 74% (2020), and 100% (2021 and thereafter) of total in-lieu-of-taxes payments.
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Terminates distributions to dry counties and municipalities not served by TVA as of September 30, 2018, with liquor tax revenues replacing TVA payments through fiscal year 2018.
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Allows distributions to Limestone, Madison, Marshall, and Morgan counties to be allocated by local law under Act 2010-135.
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Becomes effective 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 General Fund
1/16/2018