The News Courier in Athens, Alabama

Local News

November 20, 2013

TVA makes $110 million in-lieu-of tax payments to Alabama

ATHENS —

The Tennessee Valley Authority provided more than $110 million in tax equivalent payments in fiscal year 2013 to Alabama out of more than $547 million to states and local governments where it sells electricity or has power properties.

TVA said in a statement it makes tax equivalent payments annually in the eight states where it sells electricity or owns generating plants, transmission lines, substations and other assets. Alabama received $110,905,168.

It also makes tax equivalent payments to 146 local governments  - including Limestone County - where it owns power facilities.

The payments compensate state and local governments that cannot levy property or sales taxes on TVA as a federal entity, and make TVA one of the largest “taxpayers” in Tennessee and Alabama.

In addition to the seven states and many counties in the Tennessee Valley region, the state of Illinois and two of its counties receive payments for coal reserves TVA owns there.

The utility said this year's payments were $32 million less than the record $579 million distributed last year.

The TVA board has approved estimated tax equivalent payments of $522.4 million for fiscal year 2014, which began Oct. 1. The lower estimate reflects a continuing trend of lower sales and lower revenues due to a slow economy and other factors.

1
Text Only
Local News
Photos


Poll

Do you believe America will ever make another manned flight to the moon or another planet?

Yes
No
     View Results
Facebook
AP Video
Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kerry: No Deal Yet on 7-Day Gaza Truce Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow Gaza Residents Mourn Dead Amid Airstrikes Raw: Deadly Tornado Hits Virginia Campground Ohio State Marching Band Chief Fired After Probe Raw: Big Rig Stuck in Illinois Swamp Cumberbatch Brings 'Penguins' to Comic-Con Raw: Air Algerie Crash Site in Mali Power to Be Restored After Wash. Wildfire Crashed Air Algerie Plane Found in Mali Israel Mulls Ceasefire Amid Gaza Offensive In Case of Fire, Oxygen Masks for Pets Mobile App Gives Tour of Battle of Atlanta Sites
Twitter Updates
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Stocks
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Business Marquee