The sponsor of a proposed bill to return some in-lieu-of-tax payments from the Tennessee Valley Authority to local economic development authorities says it’s a way to boost employment in poorer counties.
Wilson Stone, D-Scottsville, wants to return an average of about $167,000 each year to each of 36 counties where TVA either provides power or owns physical facilities on which it pays in-lieu-of-property tax payments to the commonwealth.
About 70 percent of what TVA pays the state is now returned to local taxing jurisdictions such as municipal governments and local school districts, but the state keeps about a third of the money.
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