Code of Virginia § 15.2-5946. Entitlement to tax revenues derived from the operation of a Facility.
329 words·~1 min read·
/va/title-15-2/chapter-59-3/15-2-5946·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. 1. The Authority shall be entitled, subject to appropriation, to sales and use tax revenues defined in this chapter. Such entitlement shall include transactions that occur while a Facility is under construction. The State Comptroller shall remit such sales and use tax revenues to the Authority on a quarterly basis, subject to such reasonable processing delays as may be required by the Department of Taxation. The State Comptroller shall make such remittances to the Authority, as provided herein, notwithstanding any provisions to the contrary in the Virginia Retail Sales and Use Tax Act (§ 58.1-600 et seq.).
2. The revenues accruing to the Authority pursuant to the provisions of this section shall be used by the Authority only to pay debt service, to distribute to any lessee of the Facility for the purpose of paying debt service, to meet contractual obligations entered into pursuant to § 15.2-5942 , or to remit to each participating locality its share of revenues from the Facility.
B. The governing body of the Authority may fix and revise from time to time and charge and collect rates, rents, fees, ticket surcharges, or other charges for a Facility developed under the provisions of this chapter.
C. If a Facility qualifies for entitlement to sales and use tax revenues pursuant to the provisions of § 58.1-3851.1 or 58.1-3851.2 , the Authority shall remain eligible to receive sales and use tax revenues pursuant to the provisions of this chapter; however, the amount received pursuant to this chapter shall be reduced by the amount received pursuant to the provisions of § 58.1-3851.1 or 58.1-3851.2 .
D. The Tax Commissioner, as defined in § 58.1-1 , shall report to the Chairmen of the Senate Committee on Finance and Appropriations, the House Committee on Appropriations, and the House Committee on Finance by July 1 of each year the amount of tax revenues accruing to the Authority pursuant to the provisions of this chapter.
2020, cc. 538 , 539 .