2.2-2278 - Exemption from taxes or assessments. - Virginia Statutes

§ 2.2-2278. 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 Authorityconstitutes 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, and any bonds issuedunder the provisions of this article, their transfer and the income therefrom(including any profit made on the sale thereof), shall at all times be freefrom taxation within the Commonwealth. The exemption granted in this sectionshall not be construed to extend to persons conducting on the premises of afacility businesses for which local or state taxes would otherwise berequired.

(1981, c. 569, § 2.1-234.24; 2001, c. 844.)