Code of Virginia § 23.1-2411. Exemption from taxation.
170 words·~1 min read·
/va/title-23-1/chapter-24/23-1-2411·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The Authority is not required to pay any taxes or assessments upon any
(i)project, property, or operations of the Authority or the income from such projects, property, or operations or
(ii)project, property, or local obligation acquired or used by the Authority under the provisions of this chapter or the income from such projects, property, or local obligations. Such exemptions shall not extend to persons conducting businesses on the Authority's property for which payment of state or local taxes would otherwise be required.
B. Any bonds issued by the Authority under the provisions of this chapter, the transfer of such bonds, and the income from such bonds and all rents, fees, charges, gifts, grants, revenues, receipts, and other moneys received or pledged to pay or secure the payment of such bonds are exempt from taxation and assessment of every kind by the Commonwealth and by the local governing bodies and other political subdivisions of the Commonwealth.
1996, cc. 905 , 1046 , § 23-50.16:16; 2016, c. 588 .