15.2-6643 - Taxation. - Virginia Statutes

§ 15.2-6643. Taxation.

The exercise of the powers granted by this act shall in all respects bepresumed to be for the benefit of the inhabitants of the Commonwealth, forthe increase of their commerce, and for the promotion of their health,safety, welfare, convenience, and prosperity, and as the operation andmaintenance of any project that the Authority is authorized to undertake willconstitute the performance of an essential governmental function, theAuthority shall not be required to pay any taxes or assessments upon anyfacilities acquired and constructed by it under the provisions of this actand the bonds issued under the provisions of this act, their transfer, andthe income therefrom including any profit made on the sale thereof, shall atall times be free and exempt from taxation by the Commonwealth and by anypolitical subdivision thereof. Persons, firms, partnerships, associations,corporations, and organizations leasing property of the Authority or doingbusiness on property of the Authority shall be subject to and liable forpayment of all applicable taxes of the political subdivision in which suchleased property lies or in which business is conducted including, but notlimited to, any leasehold tax on real property and taxes on hotel and motelrooms, taxes on the sale of tobacco products, taxes on the sale of meals andbeverages, privilege taxes and local general retail sales and use taxes,taxes to be paid on licenses in respect to any business, profession,vocation, or calling, and taxes upon consumers of gas, electricity,telephone, and other public utility services.

(2005, c. 842.)