A BILL TO BE ENTITLED
AN ACT to modify the apportionment in lieu of taxes between local governments for the amount of taxes lost by virtue of the tennessee valley authority operation of property.
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 actual amount of real property, by acreage determination, submerged under the Authority's reservoirs and upon which the Authority's operations are carried on, 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.  Proration of T.V.A. funds.
The Department of Revenue and the Treasurer of the State of North Carolina shall prorate the funds received from the Authority by the State and local governments between the local governments as required by G.S. 105‑458."
SECTION 3.  This act becomes effective July 1, 2011.