2.2-2230 - Exemption from taxes or assessments. - Virginia Statutes

§ 2.2-2230. 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 projects by the Authorityand the undertaking of activities in furtherance of the purpose of theAuthority constitute the performance of essential governmental functions, theAuthority shall not be required to pay any taxes or assessments upon anyproject or any property acquired or used by the Authority under theprovisions of this article or upon the income therefrom, including sales anduse taxes on tangible personal property used in the operations of theAuthority, and any bonds issued under the provisions of this article, theirtransfer and the income therefrom (including any profit made on the salethereof) shall at all times be free from state and local taxation. Theexemption granted in this section shall not be construed to extend to personsconducting on the premises of a facility businesses for which local or statetaxes would otherwise be required.

(1984, c. 782, § 9-262; 2001, c. 844.)