State Codes and Statutes
Statutes > Virginia > Title-58-1 > Chapter-34 > 58-1-3406§ 58.1-3406. Apportionment of payments received from Tennessee ValleyAuthority in lieu of taxes.
A. Notwithstanding any other provision of law, all of the total paymentsreceived annually by the Commonwealth from the Tennessee Valley Authority inlieu of taxes shall be apportioned among the cities and counties in which theTennessee Valley Authority owns property or where Tennessee Valley Authoritypower is distributed. The Department of Accounts is hereby authorized anddirected to make annual payments to the localities in the following manner:three-fourths of such payments shall be apportioned by paying to eachlocality its percentage of total sales in Virginia by distributors ofTennessee Valley Authority power during the preceding fiscal year asdetermined pursuant to subsection B of this section; the remaining one-fourthof such payment shall be apportioned by paying to each locality itspercentage of the net book value of the power property held in Virginia bythe Tennessee Valley Authority as determined pursuant to subsection C of thissection.
B. The determination of each locality's percentage of sales in Virginia bydistributors of Tennessee Valley Authority power shall be based upon reportsfiled by the distributors, which reports shall be filed with the Departmentof Taxation by September 1 of each year. Such reports shall contain thenumber of kilowatt hours of power sold by the distributor in each Virginialocality during the preceding year.
C. The determination of each locality's percentage of the net book value ofthe power property held in Virginia by the Tennessee Valley Authority shallbe based upon the most recent figures provided by the Tennessee ValleyAuthority to the Department of Taxation.
(Code 1950, § 58-16.2:2; 1982, c. 413; 1984, cc. 531, 675; 1990, c. 70.)
