33.1-307 - Exemption from taxation. - Virginia Statutes

§ 33.1-307. Exemption from taxation.

The exercise of the powers granted by this article will 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 turnpike projects by theBoard will constitute the performance of essential government functions, theBoard shall not be required to pay any taxes or assessments upon any turnpikeproject or any property acquired or used by the Board under the provisions ofthis article or upon the income therefrom, and the bonds issued under theprovisions 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.

(Code 1950, § 33-255.12; 1952, c. 223; 1970, c. 322.)