15.2-5423.1 - Exemption from taxation for certain authorities. - Virginia Statutes

§ 15.2-5423.1. Exemption from taxation for certain authorities.

An authority created by a governmental unit exempt from the referendumrequirement of § 15.2-5403 is hereby declared to be performing a publicfunction on behalf of the governmental unit that is the sole member of suchauthority with respect to which the authority is created and to be a publicinstrumentality of such governmental unit. Accordingly, an authority createdby a governmental unit exempt from the referendum requirement of § 15.2-5403shall be exempt from state and local taxation to the same extent that thegovernmental unit that is the sole member of such authority is exempt fromsuch taxation.

(2006, cc. 929, 941.)