58.1-3502 - Tangible personal property leased, loaned, or otherwise made available to a private party from agency of federal, state or local government. - Virginia Statutes

§ 58.1-3502. Tangible personal property leased, loaned, or otherwise madeavailable to a private party from agency of federal, state or localgovernment.

Any person, firm, association, unincorporated company, or corporation engagedin business for profit who or which leases, borrows or otherwise has madeavailable to it any tangible personal property to be used in such businessfrom any agency or political subdivision of the federal, state or localgovernments shall be liable to local taxation, unless otherwise exempted orpartially exempted by state or local laws, to the same extent, in the samemanner, and on the same basis as if the lessee were the owner thereof. Thissection shall not apply to any such property owned by the Virginia PortAuthority and leased in connection with the operation of piers and marineterminals and related facilities, or to property owned by any transportationdistrict organized under the Transportation District Act of 1964 (§ 15.2-4500et seq.) and leased to provide transportation services.

(Code 1950, § 58-831.2; 1960, c. 239; 1975, c. 504; 1980, c. 382; 1981, c.442; 1984, c. 675.)