Sec. 301. Funds for loss of revenues
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/bill/116/hr/4318/ih/section-301A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To the extent funds are made available for this purpose, the Secretary may make annual payments under this section to an eligible State, Tribal, or local government entity reflecting the loss of revenues due to the cessation of operations of an electric generating facility, owned in part by the Department, located within such State, Tribal, or local government entity, on a first-come, first-served basis, as follows: Award Year Maximum Potential Award 1 no more than eighty percent of the 5-year average of revenue 2 no more than seventy percent of the 5-year average of revenue 3 no more than sixty percent of the 5-year average of revenue 4 no more than fifty percent of the 5-year average of revenue 5 no more than forty percent of the 5-year average of revenue 6 no more than thirty percent of the 5-year average of revenue 7 no more than twenty percent of the 5-year average of revenue The term eligible local government entity means a Tribal government, county, municipality, school district or special district, where an electric generating facility owned in part by the Department, or the mine soley associated with such an electric generation facility, located within such local government entity— has ceased operations; and the closing of the facility or mine has caused a reduction in the real property tax collections, royalties, lease payments, transaction privilege taxes and sales taxes, or payments in lieu of taxes owed by the electric generating facility or the mine solely associated with the electric generating facility.
An eligible local government entity— shall be eligible for not more than one payment each fiscal year; and may not receive payments for more than 7 fiscal years. The date of submission of an eligible local government entity’s application for assistance shall establish the order in which assistance is paid to program applicants, except that in no event shall assistance be paid to an eligible local government entity until such time that an electric generating facility has been closed.
For purposes of this section, any local governmental entity seeking assistance under the electric generating facility cessation mitigation fund must submit an affidavit to the Secretary that a facility is no longer producing electricity. After receipt of such an affidavit under subsection (d), the Secretary shall confirm such information. In the case that the facility and its solely associated mine is no longer producing electricity and contributing to or participating in electricity markets it shall be deemed that the electric generating facility located within the local government entity has ceased operation.
The determination of the amount of such annual payment shall be determined by the Secretary on the amount of the differential between the annual real property taxes, royalty or lease payments, transaction privilege taxes and sales taxes, or payments in lieu of taxes imposed upon the facility, exclusive of interest and penalties, during the most recent year of operations and the current real property taxes and payments in lieu of taxes imposed upon the facility, exclusive of interest and penalties.