GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2009
SESSION LAW 2009-569
HOUSE BILL 1570
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 the percentage of loss of taxes to each,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 Proration of T.V.A. funds.
The Department of Revenue shall determine each year, on the
basis of current tax laws, the total taxes that would be due to both the
State of North Carolina and the local governmentsallocation of the
Authority's valuation among the local governments in the same manner as if
the property owned and/oror operated by the Authority were owned and/oror
operated by a privately owned public utility: Provided, however, in making
said calculations the Department of Revenue shall use the tax rate fixed by the
local government unit and taxing district involved for the tax year next
preceding such calculations.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, finance officer, etc.
The county accountant finance officer or other
proper officer of each local government to which this Subchapter is applicable shall:
(1) Certify
to the Department of Revenue and the Treasurer of the State of North Carolina
the tax rate fixed by the governing body of such local government immediately
upon the fixing of the same;
(2) Certify
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 October 1, 2009.
In the General Assembly read three times and ratified this the 6th day of August, 2009.
s/ Marc Basnight
President Pro Tempore of the Senate
s/ Joe Hackney
Speaker of the House of Representatives
s/ Beverly E. Perdue
Governor
Approved 2:10 p.m. this 28th day of August, 2009