§ 15.2-5001 Purpose of chapter
It is the intent of the legislature by the passage of this chapter to allocate Virginia’s total private activity bond issuing authority to those issuing authorities empowered to issue private activity bonds.
The Tax Reform Act of 1986 imposes restrictions on the issuance of bonds designated in the Act as “private activity bonds.” These restrictions include limitations on the aggregate amount of private activity bonds that may be issued in each state in any calendar year that may be regarded as exempt from federal income taxation. Section 146 (e) of the Tax Reform Act of 1986 provides the authority for each state to establish a system for the allocation of the state ceiling on private activity bonds.
It is the intent of the legislature to provide for the allocation of the state ceiling among issuers of such bonds in a manner which will promote the public purposes and maximize the public benefits created by the issuance of such bonds.
History
This law was first created in 1987. The record of its establishment is cataloged in chapter 306 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 1987 “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 1997, chapter 587; in 2008, chapter 445.
1987, c. 306, § 15.1-1399.11; 1997, c. 587; 2008, c. 445.