2.2-2243 - Exemptions from taxes or assessments. - Virginia Statutes

§ 2.2-2243. Exemptions 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 living conditions,and as the undertaking of activities in the furtherance of the purposes ofthe Authority constitutes the performance of essential governmentalfunctions, the Authority shall not be required to pay any taxes orassessments upon any property acquired or used by the Authority under theprovisions of this article or upon the income therefrom, including sales anduse taxes on the tangible personal property used in the operations of theAuthority. The exemption granted in this section shall not be construed toextend to persons conducting on the premises of any property of the Authoritybusinesses for which local or state taxes would otherwise be required.

(1995, c. 638, § 2.1-548.41; 2001, c. 844.)