KNOXVILLE, Tenn. - The Tennessee Valley Authority says it provided $547 million in tax equivalent payments in fiscal year 2013 to states and local governments where it sells electricity or has power properties.
TVA says it makes tax equivalent payments annually in the eight states where it sells electricity or owns generating plants, transmission lines, substations and other assets.
It also makes tax equivalent payments to 146 local governments where it owns power facilities.
The electricity provider says this year's payments were $32 million less than the $579 million distributed in 2012.
The TVA board has approved estimated tax equivalent payments of $522.4 million for fiscal year 2014, which began Oct. 1. The lower estimate reflects a continuing trend of lower sales and lower revenues due to a slow economy and other factors.