{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-5000.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-5000.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-5000.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-5000.html"}],"law_id":59187,"edition_id":1,"section_id":59187,"structure_id":15403,"section_number":"15.2-5000","catch_line":"Definitions","history":"1987, c. 306, \u00a7 15.1-1399.10; 1990, c. 299; 1997, c. 587; 2008, c. 445; 2010, cc. 122, 360.","full_text":"As used in this chapter:\n\t\t“Exempt project” for the purposes of the industrial development portion of the state ceiling means the following facilities:\n\n1\n\nSewage, solid waste and qualified hazardous waste disposal facilities; and facilities for the local furnishing of electric energy or gas;2\n\nCertain facilities for the furnishing of water (including irrigation systems);3\n\nMass commuting facilities;4\n\nLocal district heating and cooling facilities.\n\t\t\t“Industrial development bond” means those obligations issued by the Commonwealth and its issuing authorities which constitute manufacturing and exempt facility private activity bonds and the private use portion of governmental projects over the fifteen million-dollar threshold amount.\n\t\t\t“Issuing authority” means any political subdivision, governmental unit, authority, or other entity of the Commonwealth which is empowered to issue private activity bonds.\n\t\t\t“Local housing authority” means any issuer of multifamily housing bonds or single family housing bonds, created and existing under the laws of the Commonwealth, excluding the Virginia Housing Development Authority.\n\t\t\t“Manufacturing facility” means (i) any facility which is used in the manufacturing or production of tangible personal property, including the processing resulting in a change of condition of such property, (ii) any facility which is used in the creation or production of intangible property as described in § 197(d)(1)(C)(iii) of the Internal Revenue Code of 1986, as amended, to be any patent, copyright, formula, process, design, pattern, knowhow, format, or other similar item, or (iii) any facility which is functionally related and subordinate to a manufacturing facility if such facility is located on the same site as the manufacturing facility. This definition is for bonding purposes under this chapter only and shall not apply to local taxation under Title 58.1.\n\t\t\t“Multifamily housing bond” means any obligation which constitutes an exempt facility bond under federal law for the financing of a qualified residential rental project within the meaning of § 142 of the Internal Revenue Code of 1986, as amended.\n\t\t\t“Private activity bond” means a part or all of any bond (or other instrument) required to obtain an allocation from the state’s volume cap pursuant to § 146 of the Internal Revenue Code of 1986, as amended, in order to be tax exempt, including but not limited to the following:1\n\nExempt project bonds,2\n\nManufacturing facility bonds,3\n\nIndustrial development bonds,4\n\nMultifamily housing bonds,5\n\nSingle family housing bonds,6\n\nAny other bond eligible for a tax exemption as a private activity bond pursuant to § 141 of the Internal Revenue Code of 1986, as amended.\n\t\t\t“Single family housing bonds” means any obligation described as a qualified mortgage bond under § 143 of the Internal Revenue Code of 1986, as amended.\n\t\t\t“State ceiling” means the maximum amount of private activity bonds that the Commonwealth of Virginia may issue in a calendar year as limited by federal law under the Internal Revenue Code of 1986, as amended.","order_by":null,"text":{"0":{"id":216956,"text":"As used in this chapter:\n\t\t“Exempt project” for the purposes of the industrial development portion of the state ceiling means the following facilities:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":216957,"text":"Sewage, solid waste and qualified hazardous waste disposal facilities; and facilities for the local furnishing of electric energy or gas;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":216958,"text":"Certain facilities for the furnishing of water (including irrigation systems);","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":216959,"text":"Mass commuting facilities;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":216960,"text":"Local district heating and cooling facilities.\n\t\t\t“Industrial development bond” means those obligations issued by the Commonwealth and its issuing authorities which constitute manufacturing and exempt facility private activity bonds and the private use portion of governmental projects over the fifteen million-dollar threshold amount.\n\t\t\t“Issuing authority” means any political subdivision, governmental unit, authority, or other entity of the Commonwealth which is empowered to issue private activity bonds.\n\t\t\t“Local housing authority” means any issuer of multifamily housing bonds or single family housing bonds, created and existing under the laws of the Commonwealth, excluding the Virginia Housing Development Authority.\n\t\t\t“Manufacturing facility” means (i) any facility which is used in the manufacturing or production of tangible personal property, including the processing resulting in a change of condition of such property, (ii) any facility which is used in the creation or production of intangible property as described in § 197(d)(1)(C)(iii) of the Internal Revenue Code of 1986, as amended, to be any patent, copyright, formula, process, design, pattern, knowhow, format, or other similar item, or (iii) any facility which is functionally related and subordinate to a manufacturing facility if such facility is located on the same site as the manufacturing facility. This definition is for bonding purposes under this chapter only and shall not apply to local taxation under Title 58.1.\n\t\t\t“Multifamily housing bond” means any obligation which constitutes an exempt facility bond under federal law for the financing of a qualified residential rental project within the meaning of § 142 of the Internal Revenue Code of 1986, as amended.\n\t\t\t“Private activity bond” means a part or all of any bond (or other instrument) required to obtain an allocation from the state’s volume cap pursuant to § 146 of the Internal Revenue Code of 1986, as amended, in order to be tax exempt, including but not limited to the following:","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"1"},"5":{"id":216961,"text":"Exempt project bonds,","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"4","next_prefix":"2"},"6":{"id":216962,"text":"Manufacturing facility bonds,","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"7":{"id":216963,"text":"Industrial development bonds,","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"8":{"id":216964,"text":"Multifamily housing bonds,","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"9":{"id":216965,"text":"Single family housing bonds,","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"10":{"id":216966,"text":"Any other bond eligible for a tax exemption as a private activity bond pursuant to § 141 of the Internal Revenue Code of 1986, as amended.\n\t\t\t“Single family housing bonds” means any obligation described as a qualified mortgage bond under § 143 of the Internal Revenue Code of 1986, as amended.\n\t\t\t“State ceiling” means the maximum amount of private activity bonds that the Commonwealth of Virginia may issue in a calendar year as limited by federal law under the Internal Revenue Code of 1986, as amended.","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5"}},"ancestry":[{"id":15403,"edition_id":1,"name":"Private Activity Bonds","identifier":"50","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:54:39","date_modified":"2026-06-26 03:54:39","permalink":{"id":158429,"object_type":"structure","relational_id":15403,"identifier":"50","token":"15.2\/IV\/50","url":"\/15.2\/IV\/50\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12721,"edition_id":1,"name":"Other Governmental Entities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":157897,"object_type":"structure","relational_id":12721,"identifier":"IV","token":"15.2\/IV","url":"\/15.2\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":59187,"structure_id":15403,"section_number":"15.2-5000","catch_line":"Definitions","url":"\/15.2-5000\/","token":"15.2\/IV\/50\/15.2-5000","metadata":false},{"id":85270,"structure_id":15403,"section_number":"15.2-5001","catch_line":"Purpose of chapter","url":"\/15.2-5001\/","token":"15.2\/IV\/50\/15.2-5001","metadata":false},{"id":65272,"structure_id":15403,"section_number":"15.2-5002","catch_line":"Allocation of state ceiling for 2008 and beyond","url":"\/15.2-5002\/","token":"15.2\/IV\/50\/15.2-5002","metadata":false},{"id":58656,"structure_id":15403,"section_number":"15.2-5003","catch_line":"Administration","url":"\/15.2-5003\/","token":"15.2\/IV\/50\/15.2-5003","metadata":false},{"id":72345,"structure_id":15403,"section_number":"15.2-5004","catch_line":"Reallocation of bond authority","url":"\/15.2-5004\/","token":"15.2\/IV\/50\/15.2-5004","metadata":false},{"id":80600,"structure_id":15403,"section_number":"15.2-5005","catch_line":"Changes by the federal government","url":"\/15.2-5005\/","token":"15.2\/IV\/50\/15.2-5005","metadata":false}],"next_section":{"id":85270,"structure_id":15403,"section_number":"15.2-5001","catch_line":"Purpose of chapter","url":"\/15.2-5001\/","token":"15.2\/IV\/50\/15.2-5001","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5000\/","history_text":"

This law was first created in 1987. The record of its establishment is cataloged in chapter 306 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1987 \u201cActs\u201d aren\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1990, chapter 299; in 1997, chapter 587<\/a>; in 2008, chapter 445<\/a>; in 2010, chapters 122<\/a> and 360<\/a>.<\/p>","references":[{"id":72636,"section_number":"15.2-4908","catch_line":"Issuance of bonds, notes and other obligations of authority","order_by":null,"url":"\/15.2-4908\/"},{"id":84552,"section_number":"2.2-2285","catch_line":"Powers of the Authority","order_by":null,"url":"\/2.2-2285\/"},{"id":67323,"section_number":"36-137","catch_line":"Powers and duties of Board; appointment of Building Code Academy Advisory Committee","order_by":null,"url":"\/36-137\/"},{"id":62273,"section_number":"36-139","catch_line":"Powers and duties of Director","order_by":null,"url":"\/36-139\/"}],"refers_to":false,"permalink":{"id":158431,"object_type":"law","relational_id":59187,"identifier":"15.2-5000","token":"15.2\/IV\/50\/15.2-5000","url":"\/15.2-5000\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-5000\/","token":"15.2\/IV\/50\/15.2-5000","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5000","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter:\n\t\t“Exempt project<\/span>” for the purposes of the industrial development portion of the state ceiling<\/span> means the following facilities:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Sewage, solid waste and qualified hazardous waste disposal facilities; and facilities for the local furnishing of electric energy or gas; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Certain facilities for the furnishing of water (including irrigation systems); <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Mass commuting facilities; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Local district heating and cooling facilities.\n\t\t\t“Industrial development bond<\/span>” means those obligations issued by the Commonwealth and its issuing authorities which constitute manufacturing and exempt facility private activity bonds<\/span> and the private use portion of governmental projects over the fifteen million-dollar threshold amount.\n\t\t\t“Issuing authority<\/span>” means any political subdivision, governmental unit, authority, or other entity of the Commonwealth which is empowered to issue<\/span> private activity bonds<\/span>.\n\t\t\t“Local housing authority<\/span>” means any issuer of multifamily housing bonds<\/span> or single family housing bonds<\/span>, created and existing under the laws<\/span> of the Commonwealth, excluding the Virginia Housing Development Authority.\n\t\t\t“Manufacturing facility<\/span>” means (i) any facility which is used in the manufacturing or production of tangible personal property, including the processing resulting in a change of condition of such property, (ii) any facility which is used in the creation or production of intangible property as described in § 197(d)(1)(C)(iii) of the Internal Revenue Code of 1986, as amended, to be any patent, copyright, formula, process, design, pattern, knowhow, format, or other similar item, or (iii) any facility which is functionally related and subordinate to a manufacturing facility<\/span> if such facility is located on the same site as the manufacturing facility<\/span>. This definition is for bonding purposes under this chapter only and shall not apply to local taxation under Title 58.1.\n\t\t\t“Multifamily housing bond<\/span>” means any obligation which constitutes an exempt facility bond under federal law<\/span> for the financing of a qualified residential rental project within the meaning of § 142 of the Internal Revenue Code of 1986, as amended.\n\t\t\t“Private activity bond<\/span>” means a part or all of any bond (or other instrument) required to obtain an allocation from the state’s volume cap pursuant to § 146 of the Internal Revenue Code of 1986, as amended, in order<\/span> to be tax exempt, including but not limited to the following: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Exempt project<\/span> bonds, <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Manufacturing facility<\/span> bonds, <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Industrial development bonds<\/span>, <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Multifamily housing bonds<\/span>, <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Single family housing bonds<\/span>, <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Any other bond eligible for a tax exemption as a private activity bond<\/span> pursuant to § 141 of the Internal Revenue Code of 1986, as amended.\n\t\t\t“Single family housing bonds<\/span>” means any obligation described as a qualified mortgage bond under § 143 of the Internal Revenue Code of 1986, as amended.\n\t\t\t“State ceiling<\/span>” means the maximum amount of private activity bonds<\/span> that the Commonwealth of Virginia may issue<\/span> in a calendar year as limited by federal law<\/span> under the Internal Revenue Code of 1986, as amended. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 15.2-5000)\n\nAs used in this chapter:\n\t\t“Exempt project” for the purposes of the industrial development\nportion of the state ceiling means the following facilities:\n\n1. Sewage, solid waste and qualified hazardous waste disposal facilities; and\nfacilities for the local furnishing of electric energy or gas;\n\n2. Certain facilities for the furnishing of water (including irrigation\nsystems);\n\n3. Mass commuting facilities;\n\n4. Local district heating and cooling facilities.\n\t\t\t“Industrial development bond” means those obligations issued by\nthe Commonwealth and its issuing authorities which constitute manufacturing and\nexempt facility private activity bonds and the private use portion of\ngovernmental projects over the fifteen million-dollar threshold amount.\n\t\t\t“Issuing authority” means any political subdivision, governmental\nunit, authority, or other entity of the Commonwealth which is empowered to issue\nprivate activity bonds.\n\t\t\t“Local housing authority” means any issuer of multifamily housing\nbonds or single family housing bonds, created and existing under the laws of the\nCommonwealth, excluding the Virginia Housing Development Authority.\n\t\t\t“Manufacturing facility” means (i) any facility which is used in\nthe manufacturing or production of tangible personal property, including the\nprocessing resulting in a change of condition of such property, (ii) any\nfacility which is used in the creation or production of intangible property as\ndescribed in § 197(d)(1)(C)(iii) of the Internal Revenue Code of 1986, as\namended, to be any patent, copyright, formula, process, design, pattern,\nknowhow, format, or other similar item, or (iii) any facility which is\nfunctionally related and subordinate to a manufacturing facility if such\nfacility is located on the same site as the manufacturing facility. This\ndefinition is for bonding purposes under this chapter only and shall not apply\nto local taxation under Title 58.1.\n\t\t\t“Multifamily housing bond” means any obligation which constitutes\nan exempt facility bond under federal law for the financing of a qualified\nresidential rental project within the meaning of § 142 of the Internal\nRevenue Code of 1986, as amended.\n\t\t\t“Private activity bond” means a part or all of any bond (or other\ninstrument) required to obtain an allocation from the state’s volume cap\npursuant to § 146 of the Internal Revenue Code of 1986, as amended, in\norder to be tax exempt, including but not limited to the following:\n\n1. Exempt project bonds,\n\n2. Manufacturing facility bonds,\n\n3. Industrial development bonds,\n\n4. Multifamily housing bonds,\n\n5. Single family housing bonds,\n\n6. Any other bond eligible for a tax exemption as a private activity bond\npursuant to § 141 of the Internal Revenue Code of 1986, as amended.\n\t\t\t“Single family housing bonds” means any obligation described as a\nqualified mortgage bond under § 143 of the Internal Revenue Code of 1986,\nas amended.\n\t\t\t“State ceiling” means the maximum amount of private activity\nbonds that the Commonwealth of Virginia may issue in a calendar year as limited\nby federal law under the Internal Revenue Code of 1986, as amended.\n\nHISTORY: 1987, c. 306, \u00a7 15.1-1399.10; 1990, c. 299; 1997, c. 587; 2008, c.\n445; 2010, cc. 122, 360.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}