A BILL TO BE ENTITLED
AN ACT to amend the allocation among local governments of the tennessee valley authority payment in lieu of taxes.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 105‑458 reads as rewritten:
"§ 105‑458.  Apportionment of payments in lieu of taxes between local units.
The payments received by the State and local governments from the Tennessee Valley Authority in lieu of taxes under section 13 of the Act of Congress creating it, and as amended, shall be apportioned between the local governments in which the property is owned or an operation is carried on, on the basis of each local government's percentage of the total value of the Authority's property in the State, determined as hereinafter provided: Provided, however, that the minimum annual payment to any local government from said fund, including the amounts paid direct to said local government by the Authority, shall not be less than the amount of annual actual tax loss to such local government based upon the two‑year average on said property next prior to it being taken over by the Authority."
SECTION 2.  G.S. 105‑459 reads as rewritten:
"§ 105‑459.  Determination of amount of taxes lost by virtue of T.V.A. operation of property; proration of funds.
The Department of Revenue shall determine each year, on the basis of current tax laws, the allocation of the Authority's valuation among the local governments in the same manner as if the property owned or operated by the Authority were owned or operated by a privately owned public utility. The Department of Revenue and the Treasurer of the State of North Carolina shall then prorate the funds received from the Authority by the State and local governments between the local governments upon the basis of the foregoing calculations."
SECTION 3.  G.S. 105‑461 reads as rewritten:
"§ 105‑461.  Duty of county accountant, etc.
The county accountant or other proper officer of each local government to which this Subchapter is applicable 		shall certify each month to the Treasurer of the State of North Carolina a statement of the amount received by the local government direct from the Authority.
No local government shall be entitled to receive its distributive share of said fund from the Treasurer of the State of North Carolina until the foregoing information has been properly furnished. If any such local government shall fail to furnish the information herein required within 10 days from and after receipt by it from the Department of Revenue of request for the same, forwarded by registered mail, then and in that event it shall be barred from participating in the benefits provided for the period for which the same is requested."
SECTION 4.  This act becomes effective July 1, 2009.