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Press Release, 2004CVEC pays $2.5 million in taxesCVEC pays $2.5 million in taxes TALLADEGA, Ala. – Coosa Valley Electric Cooperative (CVEC) paid nearly $2.5 million to regional, state and federal coffers in 2003. CVEC paid $257,522 in ad valorem taxes in 2003, and over the past 6 years, the cooperative has contributed some $1,183,496 to this tax. Revenue from ad valorem taxes goes to several recipients, including school districts, said Frank Kujawski, CVEC general manager. "One big myth that cooperatives, including Coosa Valley Electric, constantly face is that we are not-for-profit and don't pay taxes," Kujawski said. "We are a non-profit, member-owned corporation, but we still have to pay taxes. We are proud to be a local tax-paying member of the community." In 2003, the cooperative paid $839,096 in payroll taxes, such as FICA, state unemployment compensation, federal unemployment compensation, and state and federal withholdings. CVEC also paid approximately $541,986 in gross receipts taxes and $840,486 in utility taxes. Coosa Valley Electric, which serves more than 15,000 customers in Talladega, St. Clair, Shelby, Clay, Etowah and Calhoun counties, is a Touchstone Energy® cooperative. Nationwide, some 1,000 cooperatives provide power to rural America, and more than 600 of those operate under the Touchstone Energy umbrella. For more information, contact: |
