TVA Tax Equivalent Payments Total $579 Million In 2012

Monday, November 19, 2012

The Tennessee Valley Authority provided a record $579 million in tax equivalent payments in fiscal year 2012 to states and local governments where it sells electricity or has power properties.

TVA pays tax equivalent payments annually in the eight states where it sells electricity or owns generating plants, transmission lines, substations and other assets, and directly to 146 local governments where TVA owns power facilities.

"These funds provided by TVA play a significant role in the continued economic development, improved quality of life, and strong community growth across TVA’s service region,” said TVA President and CEO Tom Kilgore. “The payments also are an important part of TVA’s mission to help the consumers we serve every day.”

The TVA board of directors at its Nov. 15 meeting in Scottsboro, Ala., approved the final tax equivalent payment for fiscal year 2012. This year’s payments totaled $49 million more than 2011.

The following payments were made to each state in fiscal year 2012:

· Alabama - $122,665,588

· Georgia - $9,409,090

· Illinois - $550,070

· Kentucky - $46,755,942

· Mississippi - $40,878,879

· North Carolina - $2,837,202

· Tennessee - $354,389,772

· Virginia - $1,534,406

· Total - $ $579,020,949

The TVA board also approved estimated tax equivalent payments of $536 million for fiscal year 2013. That reduced estimate is attributed to a slow economy and less TVA power sales revenues due to milder, warmer weather last winter resulting in less electricity used for heating.

TVA returns five percent of power sales revenues from the previous year in the form of tax equivalent payments. The funds are distributed in monthly payments, with final payments approved at the end of each fiscal year.

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.

State and local governments distribute the funds according to their own formulas and discretion to support a variety of initiatives, including schools, fire departments and other emergency response agencies, tourism and recreation, and human service organizations. 

Since 1941, TVA has made more than $10.3 billion in tax equivalent payments, with payments in the past 10 years totaling $4.4 billion. 


CBL And Associates Properties Declares Common Stock Dividend And Preferred Stock Dividend

CBL & Associates Properties, Inc. announces that its Board of Directors has declared a quarterly cash dividend for the Company’s Common Stock of $0.265 per share for the quarter ending June 30. The dividend is payable on July 16 to shareholders of record as of June 30.  The Board also declared a quarterly cash dividend of $0.4609375 per depositary share for the quarter ... (click for more)

Whitfield Tax Assessor's Office Sending Out Annual Notices Soon

In pursuant to O.C.G.A. 48-5-306, all Whitfield County property owners will be receiving the state-required annual assessment notice around the first week of June, according to officials with the county Tax Assessor’s Office.  The notice will contain an estimate of the taxes based on the prior year's millage rate.  The Board of Assessors is charged with the responsibility ... (click for more)

Circuit Court Jury Gives $20,599,000 Verdict In Favor Of Canyon Ridge Developers; Punitive Damages To Be Added

A Hamilton County Circuit Court jury on Thursday awarded $20,599,000 to the developers of Canyon Ridge on Lookout Mountain against a financial firm that allegedly secretly started working on a rival project. The jury also said the plaintiffs are due punitive damages. The amount will be set on Monday morning in the courtroom of Judge J.B. Bennett after each side gives 20-minute ... (click for more)

Chattanooga Loses Bicycle National Championships To Winston-Salem

After a three-year run, Chattanooga is losing the national championship bicycle races. Winston-Salem, N.C., has been selected to serve as the host city for the 2016 and 2017 Volkswagen USA Cycling Professional Road & TT National Championships. The 2016 Volkswagen USA Cycling Pro Road & TT National Championships will be held May 22-30. The nine-day event will combine the ... (click for more)

The Truth About The Rising Costs To East Ridge On The Fire Hall Property - And Response

Re:East Ridge Has To Pay Unexpected $428,000 On Bass Pro Shop Deal   H ere is the truth about this article.    One section of the article says: " Unknown to anybody on the council today, the agreement limited use of the land to a fire hall."     In a letter dated Dec. 15, 2010, Mayor Lambert asked TDOT officials to ... (click for more)

Roy Exum: General Boykin Helps ‘Warriors’

General W.G. “Jerry” Boykin is one of the most fabled warriors in modern-day warfare. He is also one of the most polarizing men who has ever served his country. General Boykin, retired after 36 years as a soldier, spent 13 years in the secretive Delta Force. At one time he commanded the Green Berets and was in one some pretty impressive engagements. In 1980 he was in on the ... (click for more)