TVA Tax Equivalent Payments Total Nearly $548 Million In 2019

Thursday, August 22, 2019

The Tennessee Valley Authority provided nearly $548 million in tax equivalent payments in fiscal year 2019 to state and local governments served by its energy generation or in areas supporting TVA properties.

At its quarterly business meeting, TVA’s board of directors approved the final tax equivalent payments for the current fiscal year, which are approximately $24 million more than 2018.

TVA returns five percent of power sales revenues from the previous year in the form of tax equivalent payments 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. 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 contributors to state budgets 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.

In fiscal year 2019, the following tax equivalent payments were made to each state:

Alabama - $85,803,827
Georgia - $9,010,360
Illinois - $383,420
Kentucky - $38,862,314
Mississippi - $41,929,671
North Carolina - $3,149,518
Tennessee - $367,315,970
Virginia - $1,287,194
TOTAL - $547,742,274

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 $14.1 billion in tax equivalent payments, with payments in the past 10 years totaling over $5.4 billion.     

For more information about TVA and its 86-year mission of service to the Tennessee Valley, click here.



National Black Lawyers Top 40 Under 40 Names Ariel Anthony In Tennessee

TDOE Announces Leadership And Work Alignments To Support District Needs From COVID-19

Robert C. Divine Recognized By EB-5 Investors Magazine


Husch Blackwell associate Ariel M. Anthony has been selected by The National Black Lawyers for inclusion into its Top 40 Under 40 Black Lawyers in Tennessee. Based in Husch Blackwell’s Chattanooga ... (click for more)

The Tennessee Department of Education on Tuesday announced a realignment of specific department leaders and divisions to further elevate support for districts and students across Tennessee to ... (click for more)

Robert C. Divine of Baker Donelson has been recognized in EB-5 Investors Magazine's list of "Top Attorneys in Specialized Fields." This list features attorneys who are recognized in specialized ... (click for more)



Business

National Black Lawyers Top 40 Under 40 Names Ariel Anthony In Tennessee

Husch Blackwell associate Ariel M. Anthony has been selected by The National Black Lawyers for inclusion into its Top 40 Under 40 Black Lawyers in Tennessee. Based in Husch Blackwell’s Chattanooga office, Ms. Anthony practices in the firm’s Litigation & Alternative Dispute Resolution and Private Wealth groups. The NBL was created to celebrate legal excellence by promoting ... (click for more)

TDOE Announces Leadership And Work Alignments To Support District Needs From COVID-19

The Tennessee Department of Education on Tuesday announced a realignment of specific department leaders and divisions to further elevate support for districts and students across Tennessee to be responsive to the challenges presented by COVID-19. Effective June 1, Sam Pearcy, currently chief operating officer, will be promoted to deputy commissioner of operations; Chief Eve Carney ... (click for more)

Breaking News

Hamilton County Has 15th Coronavirus Death; Tennessee Deaths Rise By 5 To 343

Hamilton County’s positive COVID-19 case count ended last week with a meteoric rise, something that persisted through the extended Memorial Day weekend. Health Department administrator Becky Barnes says there have been 163 new cases since noon Friday. Also, Hamilton County has added a 15th death from coronavirus, the Hamilton County Health Department reported on Tuesday. “These ... (click for more)

Coppinger Presents Bare Bones Budget That Still Could Be Revised Down

County Mayor Jim Coppinger on Tuesday morning presented a bare bones budget that still could be revised downward by reductions from the state. The county mayor said he is confident with the county's revenue projections. However, if there are more cuts coming, he said the county enjoys a healthy rainy day fund. It stands at $110 million - the same as last year. The total county ... (click for more)

Opinion

Remembering Mendon John Price

It was sad to see that Mendon John Price had passed away. He was the wheelchair bound street musician that many of you saw outside of the Lookouts games and the Tivoli events. He would be playing his harmonica. He once was cited in front of me for panhandling and blocking traffic on the street or sidewalk down where the Lookouts play. Fortunately for him, he came in front ... (click for more)

A Simple Human Responsibility - And Response

The nearer you get, the closer we’ll be...continued straddling of the reopening fence, but only after wiping it down with bleach. Health and safety rule number one: assess your environment to identify potential exposures to hazards which could reasonably cause serious injury, illness or death. Other rule number one: all politics is political. Since we last talked, half ... (click for more)