Virginia § 58.1-3406 - Apportionment of payments received from Tennessee Valley Authority in lieu of taxes
Full text of Virginia Code of Virginia § 58.1-3406 — Apportionment of payments received from Tennessee Valley Authority in lieu of taxes, with citation guidance and answers to common questions.
§ 58.1-3406. Apportionment of payments received from Tennessee Valley Authority in lieu of taxes
A. Notwithstanding any other provision of law, all of the total payments received annually by the Commonwealth from the Tennessee Valley Authority in lieu of taxes shall be apportioned among the cities and counties in which the Tennessee Valley Authority owns property or where Tennessee Valley Authority power is distributed. The Department of Accounts is hereby authorized and directed to make annual payments to the localities in the following manner: three-fourths of such payments shall be apportioned by paying to each locality its percentage of total sales in Virginia by distributors of Tennessee Valley Authority power during the preceding fiscal year as determined pursuant to subsection B of this section; the remaining one-fourth of such payment shall be apportioned by paying to each locality its percentage of the net book value of the power property held in Virginia by the Tennessee Valley Authority as determined pursuant to subsection C of this section.
B. The determination of each locality's percentage of sales in Virginia by distributors of Tennessee Valley Authority power shall be based upon reports filed by the distributors, which reports shall be filed with the Department of Taxation by September 1 of each year. Such reports shall contain the number of kilowatt hours of power sold by the distributor in each Virginia locality during the preceding year.
C. The determination of each locality's percentage of the net book value of the power property held in Virginia by the Tennessee Valley Authority shall be based upon the most recent figures provided by the Tennessee Valley Authority to the Department of Taxation.
Code 1950, § 58-16.2:2; 1982, c. 413; 1984, cc. 531, 675; 1990, c. 70.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 58.1-3406
What does Code of Virginia § 58.1-3406 cover?
Section 58.1-3406 ("Apportionment of payments received from Tennessee Valley Authority in lieu of taxes") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 58.1-3406?
A common citation format is "Code of Virginia § 58.1-3406" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 58.1-3406 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.