2.2-2214 - Exemption from taxes or assessments. - Virginia Statutes

§ 2.2-2214. Exemption from taxes or assessments.

The exercise of the powers granted by this article shall be in all respectsfor the benefit of the people of the Commonwealth, for the increase of theircommerce and prosperity, and for the improvement of their health and livingconditions, and as the operation and maintenance of the projects by theAuthority and the undertaking of activities in the furtherance of thepurposes of the Authority constitutes the performance of the essentialgovernmental functions, the Authority shall not be required to pay any taxesor assessments upon any project or any property acquired or used by theAuthority under the provisions of this article or upon the income therefrom,including sales and use taxes on the tangible personal property used in theoperations of the Authority. The exemption granted in this section shall notbe construed to extend to persons conducting on the premises of the facilitybusinesses for which local or state taxes would otherwise be required.

Any bonds or refunding bonds issued under the provisions of this article andany transfer of such bonds shall at all times be free from state and localtaxation. The interest on the bonds and any refunding bonds or bondanticipation notes shall at all times be exempt from taxation by theCommonwealth and by any of its political subdivisions.

(1995, c. 758, § 9-266.18; 2001, c. 844.)