NC H470

Modifies how Tennessee Valley Authority (TVA) in-lieu-of-taxes payments are apportioned between local governments in North Carolina.

Changes apportionment basis from each local government's percentage of total TVA property value to the actual acreage of real property submerged under TVA reservoirs within each jurisdiction.

Maintains minimum annual payment guarantee to each local government equal to its two-year average actual tax loss on property taken over by the TVA.

Removes requirement that the Department of Revenue calculate TVA property allocation as if owned by a private utility; instead requires it to prorate funds according to the acreage-based method in G.S. 105-458.

Effective July 1, 2011.