23-50.16:16 - Exemption from taxation - Virginia Statutes

§ 23-50.16:16. Exemption from taxation.

As set forth in § 23-50.16:3, the Authority will be performing essentialgovernmental functions in the exercise of the powers conferred upon it bythis chapter. Accordingly, the Authority shall not be required to pay anytaxes or assessments upon any project or any property or upon any operationsof the Authority or the income therefrom, or any taxes or assessments uponany project or any property or local obligation acquired or used by theAuthority under the provisions of this chapter or upon the income therefrom.The exemptions hereby granted shall not extend to persons or entitiesconducting on the Authority's property businesses for which payment of stateor local taxes would otherwise be required. Any bonds issued by the Authorityunder the provisions of this chapter, the transfer thereof and the incometherefrom, and all rents, fees, charges, gifts, grants, revenues, receiptsand other moneys received or pledged to pay or secure the payment of suchnotes or bonds, shall at all times be free from taxation and assessment ofevery kind by the Commonwealth and by the local governments and otherpolitical subdivisions of the Commonwealth.

(1996, cc. 905, 1046.)