§ 33.2-2216 Governmental function; exemption from taxation
The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the Commonwealth and for the increase of their commerce and prosperity and is a public purpose, and as the operation and maintenance of the project will constitute the performance of essential governmental functions, the Commission shall not be required to pay any taxes or assessments upon the project or any property acquired by the Commission or under its jurisdiction, control, possession, or supervision, or upon its activities in the operation and maintenance of the project, or used by the Commission under the provisions of this chapter, or upon the income therefrom, and the bonds issued under the provisions of this chapter, their transfer, and the income therefrom, including any profit made on the sale thereof, shall at all times be free from all state and local taxation within the Commonwealth.
History
This law was first created in 1956. The record of its establishment is cataloged in chapter 714 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1956 “Acts” aren’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 2014, chapter 805; in 2015, chapter 256.
1956, c. 714; 2014, c. 805; 2015, c. 256.