{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-5423.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-5423.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-5423.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-5423.html"}],"law_id":68719,"edition_id":1,"section_id":68719,"structure_id":14152,"section_number":"15.2-5423","catch_line":"Payments in lieu of property taxes; license tax","history":"1979, c. 416, \u00a7 15.1-1626; 1997, c. 587; 2006, cc. 929, 941.","full_text":"A project owned by an authority shall be exempt from property taxes. However, an authority, other than an authority created by a governmental unit exempt from the referendum requirement of \u00a7 15.2-5403, owning a project shall, in lieu of property taxes, pay to any governmental body authorized to levy property taxes, the amount which would be assessed as taxes on real and personal property of a project if such project were otherwise subject to valuation and assessment by the State Corporation Commission, in the same manner as are public utility companies. Such payments in lieu of taxes shall be due and shall bear interest, if unpaid, as in the cases of taxes on other property. Authorities, other than an authority created by a governmental unit exempt from the referendum requirement of \u00a7 15.2-5403, shall pay the annual state license tax imposed by \u00a7 58.1-2626, or an equal amount in lieu of such tax, to the same extent as if \u00a7 58.1-2626 were by its terms expressly applicable to authorities. Payments in lieu of taxes made hereunder shall be treated in the same manner as taxes for purposes of all procedural and substantive provisions of law. The retail sales of an authority created by a governmental unit exempt from the referendum requirement of \u00a7 15.2-5403 shall be subject to the taxes imposed under \u00a7 58.1-2900. Except as herein expressly provided with respect to projects owned by an authority, no other property of such authority used or useful in the generation, transmission, transformation, and distribution of electric power and energy shall be subject to payment in lieu of taxes.","order_by":null,"text":{"0":{"id":248780,"text":"A project owned by an authority shall be exempt from property taxes. However, an authority, other than an authority created by a governmental unit exempt from the referendum requirement of \u00a7 15.2-5403, owning a project shall, in lieu of property taxes, pay to any governmental body authorized to levy property taxes, the amount which would be assessed as taxes on real and personal property of a project if such project were otherwise subject to valuation and assessment by the State Corporation Commission, in the same manner as are public utility companies. Such payments in lieu of taxes shall be due and shall bear interest, if unpaid, as in the cases of taxes on other property. Authorities, other than an authority created by a governmental unit exempt from the referendum requirement of \u00a7 15.2-5403, shall pay the annual state license tax imposed by \u00a7 58.1-2626, or an equal amount in lieu of such tax, to the same extent as if \u00a7 58.1-2626 were by its terms expressly applicable to authorities. Payments in lieu of taxes made hereunder shall be treated in the same manner as taxes for purposes of all procedural and substantive provisions of law. The retail sales of an authority created by a governmental unit exempt from the referendum requirement of \u00a7 15.2-5403 shall be subject to the taxes imposed under \u00a7 58.1-2900. Except as herein expressly provided with respect to projects owned by an authority, no other property of such authority used or useful in the generation, transmission, transformation, and distribution of electric power and energy shall be subject to payment in lieu of taxes.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14152,"edition_id":1,"name":"Electric Authorities Act","identifier":"54","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:47:03","date_modified":"2026-06-26 03:47:03","permalink":{"id":159171,"object_type":"structure","relational_id":14152,"identifier":"54","token":"15.2\/IV\/54","url":"\/15.2\/IV\/54\/","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":65196,"structure_id":14152,"section_number":"15.2-5400","catch_line":"Short title","url":"\/15.2-5400\/","token":"15.2\/IV\/54\/15.2-5400","metadata":false},{"id":86116,"structure_id":14152,"section_number":"15.2-5401","catch_line":"Intent of General Assembly","url":"\/15.2-5401\/","token":"15.2\/IV\/54\/15.2-5401","metadata":false},{"id":72529,"structure_id":14152,"section_number":"15.2-5402","catch_line":"Definitions","url":"\/15.2-5402\/","token":"15.2\/IV\/54\/15.2-5402","metadata":false},{"id":79988,"structure_id":14152,"section_number":"15.2-5403","catch_line":"Creation of electric authority; referendum","url":"\/15.2-5403\/","token":"15.2\/IV\/54\/15.2-5403","metadata":false},{"id":66895,"structure_id":14152,"section_number":"15.2-5404","catch_line":"Articles of incorporation","url":"\/15.2-5404\/","token":"15.2\/IV\/54\/15.2-5404","metadata":false},{"id":85800,"structure_id":14152,"section_number":"15.2-5405","catch_line":"Certificate of incorporation or charter; addition and withdrawal of members; board of directors; indemnification of directors, officers or employees","url":"\/15.2-5405\/","token":"15.2\/IV\/54\/15.2-5405","metadata":false},{"id":69588,"structure_id":14152,"section_number":"15.2-5405.1","catch_line":"Applicability of personnel and procurement procedures to certain authorities","url":"\/15.2-5405.1\/","token":"15.2\/IV\/54\/15.2-5405.1","metadata":false},{"id":84424,"structure_id":14152,"section_number":"15.2-5406","catch_line":"Rights, powers and duties of authority","url":"\/15.2-5406\/","token":"15.2\/IV\/54\/15.2-5406","metadata":false},{"id":72674,"structure_id":14152,"section_number":"15.2-5406.1","catch_line":"Retail distribution of electric energy limited to certain authorities","url":"\/15.2-5406.1\/","token":"15.2\/IV\/54\/15.2-5406.1","metadata":false},{"id":56253,"structure_id":14152,"section_number":"15.2-5406.2","catch_line":"Tort claims against certain authorities","url":"\/15.2-5406.2\/","token":"15.2\/IV\/54\/15.2-5406.2","metadata":false},{"id":64564,"structure_id":14152,"section_number":"15.2-5407","catch_line":"Membership in more than one authority","url":"\/15.2-5407\/","token":"15.2\/IV\/54\/15.2-5407","metadata":false},{"id":59051,"structure_id":14152,"section_number":"15.2-5408","catch_line":"Sale of power and energy, including capacity and output to member governmental units by authority; duration of contracts; source of payments; furnishing of money, property or services by member governmental units","url":"\/15.2-5408\/","token":"15.2\/IV\/54\/15.2-5408","metadata":false},{"id":70404,"structure_id":14152,"section_number":"15.2-5409","catch_line":"Sale of capacity and output to nonmembers; limitations","url":"\/15.2-5409\/","token":"15.2\/IV\/54\/15.2-5409","metadata":false},{"id":67460,"structure_id":14152,"section_number":"15.2-5410","catch_line":"Contents of agreement as to joint ownership of project; designation of party to agreement as agent for construction, operation and maintenance of project; powers and duties of agent","url":"\/15.2-5410\/","token":"15.2\/IV\/54\/15.2-5410","metadata":false},{"id":64546,"structure_id":14152,"section_number":"15.2-5411","catch_line":"Contracts for planning, acquisition, construction, etc., of projects","url":"\/15.2-5411\/","token":"15.2\/IV\/54\/15.2-5411","metadata":false},{"id":61540,"structure_id":14152,"section_number":"15.2-5412","catch_line":"Issuance of bonds by authority","url":"\/15.2-5412\/","token":"15.2\/IV\/54\/15.2-5412","metadata":false},{"id":67503,"structure_id":14152,"section_number":"15.2-5413","catch_line":"Interim receipts and temporary bonds; lost, stolen and destroyed bonds","url":"\/15.2-5413\/","token":"15.2\/IV\/54\/15.2-5413","metadata":false},{"id":55312,"structure_id":14152,"section_number":"15.2-5414","catch_line":"Bonds not debts of Commonwealth or member governmental unit","url":"\/15.2-5414\/","token":"15.2\/IV\/54\/15.2-5414","metadata":false},{"id":84956,"structure_id":14152,"section_number":"15.2-5415","catch_line":"Security for bonds; trust agreement; bond resolution","url":"\/15.2-5415\/","token":"15.2\/IV\/54\/15.2-5415","metadata":false},{"id":57033,"structure_id":14152,"section_number":"15.2-5416","catch_line":"Rents, rates, fees and other charges","url":"\/15.2-5416\/","token":"15.2\/IV\/54\/15.2-5416","metadata":false},{"id":82650,"structure_id":14152,"section_number":"15.2-5417","catch_line":"Moneys received deemed trust funds","url":"\/15.2-5417\/","token":"15.2\/IV\/54\/15.2-5417","metadata":false},{"id":82417,"structure_id":14152,"section_number":"15.2-5418","catch_line":"Bondholders' and trustees' remedies","url":"\/15.2-5418\/","token":"15.2\/IV\/54\/15.2-5418","metadata":false},{"id":69922,"structure_id":14152,"section_number":"15.2-5419","catch_line":"Refunding bonds","url":"\/15.2-5419\/","token":"15.2\/IV\/54\/15.2-5419","metadata":false},{"id":62550,"structure_id":14152,"section_number":"15.2-5420","catch_line":"Status of bonds under Uniform Commercial Code","url":"\/15.2-5420\/","token":"15.2\/IV\/54\/15.2-5420","metadata":false},{"id":78951,"structure_id":14152,"section_number":"15.2-5421","catch_line":"Bonds as legal investments and lawful security","url":"\/15.2-5421\/","token":"15.2\/IV\/54\/15.2-5421","metadata":false},{"id":59284,"structure_id":14152,"section_number":"15.2-5422","catch_line":"Bonds exempt from taxation","url":"\/15.2-5422\/","token":"15.2\/IV\/54\/15.2-5422","metadata":false},{"id":68719,"structure_id":14152,"section_number":"15.2-5423","catch_line":"Payments in lieu of property taxes; license tax","url":"\/15.2-5423\/","token":"15.2\/IV\/54\/15.2-5423","metadata":false},{"id":58684,"structure_id":14152,"section_number":"15.2-5423.1","catch_line":"Exemption from taxation for certain authorities","url":"\/15.2-5423.1\/","token":"15.2\/IV\/54\/15.2-5423.1","metadata":false},{"id":82928,"structure_id":14152,"section_number":"15.2-5424","catch_line":"Transfer, etc., of property of political subdivisions upon request of authority","url":"\/15.2-5424\/","token":"15.2\/IV\/54\/15.2-5424","metadata":false},{"id":81962,"structure_id":14152,"section_number":"15.2-5425","catch_line":"Eminent domain","url":"\/15.2-5425\/","token":"15.2\/IV\/54\/15.2-5425","metadata":false},{"id":57373,"structure_id":14152,"section_number":"15.2-5426","catch_line":"Annual reports","url":"\/15.2-5426\/","token":"15.2\/IV\/54\/15.2-5426","metadata":false},{"id":82182,"structure_id":14152,"section_number":"15.2-5427","catch_line":"Liability of members or officers","url":"\/15.2-5427\/","token":"15.2\/IV\/54\/15.2-5427","metadata":false},{"id":69086,"structure_id":14152,"section_number":"15.2-5428","catch_line":"Dissolution of authority","url":"\/15.2-5428\/","token":"15.2\/IV\/54\/15.2-5428","metadata":false},{"id":58789,"structure_id":14152,"section_number":"15.2-5429","catch_line":"Legislative consent to application of laws of other states","url":"\/15.2-5429\/","token":"15.2\/IV\/54\/15.2-5429","metadata":false},{"id":75194,"structure_id":14152,"section_number":"15.2-5430","catch_line":"Provisions of chapter cumulative; construction","url":"\/15.2-5430\/","token":"15.2\/IV\/54\/15.2-5430","metadata":false},{"id":81605,"structure_id":14152,"section_number":"15.2-5431","catch_line":"Provisions of chapter controlling over other statutes and charters","url":"\/15.2-5431\/","token":"15.2\/IV\/54\/15.2-5431","metadata":false}],"previous_section":{"id":59284,"structure_id":14152,"section_number":"15.2-5422","catch_line":"Bonds exempt from taxation","url":"\/15.2-5422\/","token":"15.2\/IV\/54\/15.2-5422","metadata":false},"next_section":{"id":58684,"structure_id":14152,"section_number":"15.2-5423.1","catch_line":"Exemption from taxation for certain authorities","url":"\/15.2-5423.1\/","token":"15.2\/IV\/54\/15.2-5423.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5423\/","history_text":"<p>This law was first created in 1979. The record of its establishment is cataloged in chapter 416 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 1979 \u201cActs\u201d aren\u2019t available online. It has been modified 2 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 1997, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0587\">587<\/a>; in 2006, chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?061+ful+CHAP0929\">929<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?061+ful+CHAP0941\">941<\/a>.<\/p>","references":false,"refers_to":[{"id":79988,"section_number":"15.2-5403","catch_line":"Creation of electric authority; referendum","order_by":null,"url":"\/15.2-5403\/"},{"id":55735,"section_number":"58.1-2626","catch_line":"Annual state license tax on companies furnishing water, heat, light or power","order_by":null,"url":"\/58.1-2626\/"},{"id":85671,"section_number":"58.1-2900","catch_line":"Imposition of tax","order_by":null,"url":"\/58.1-2900\/"}],"permalink":{"id":159277,"object_type":"law","relational_id":68719,"identifier":"15.2-5423","token":"15.2\/IV\/54\/15.2-5423","url":"\/15.2-5423\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-5423\/","token":"15.2\/IV\/54\/15.2-5423","dublin_core":{"Title":"Payments in lieu of property taxes; license tax","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5423","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>A <span class=\"dictionary\">project<\/span> owned by an <span class=\"dictionary\">authority<\/span> shall be exempt from property taxes. However, an <span class=\"dictionary\">authority<\/span>, other than an <span class=\"dictionary\">authority<\/span> created by a <span class=\"dictionary\">governmental unit<\/span> exempt from the <span class=\"dictionary\">referendum<\/span> requirement of \u00a7&nbsp;<a class=\"law\" title=\"Creation of electric authority; referendum\" href=\"\/15.2-5403\/\">15.2-5403<\/a>, owning a <span class=\"dictionary\">project<\/span> shall, in lieu of property taxes, pay to any governmental body authorized to <span class=\"dictionary\">levy<\/span> property taxes, the amount which would be assessed as taxes on real and personal property of a <span class=\"dictionary\">project<\/span> if such <span class=\"dictionary\">project<\/span> were otherwise subject to valuation and assessment by the State Corporation Commission, in the same manner as are public utility companies. Such payments in lieu of taxes shall be due and shall bear interest, if unpaid, as in the cases of taxes on other property. Authorities, other than an <span class=\"dictionary\">authority<\/span> created by a <span class=\"dictionary\">governmental unit<\/span> exempt from the <span class=\"dictionary\">referendum<\/span> requirement of \u00a7&nbsp;<a class=\"law\" title=\"Creation of electric authority; referendum\" href=\"\/15.2-5403\/\">15.2-5403<\/a>, shall pay the annual state license tax imposed by \u00a7&nbsp;<a class=\"law\" title=\"Annual state license tax on companies furnishing water, heat, light or power\" href=\"\/58.1-2626\/\">58.1-2626<\/a>, or an equal amount in lieu of such tax, to the same extent as if \u00a7&nbsp;<a class=\"law\" title=\"Annual state license tax on companies furnishing water, heat, light or power\" href=\"\/58.1-2626\/\">58.1-2626<\/a> were by its terms expressly applicable to authorities. Payments in lieu of taxes made hereunder shall be treated in the same manner as taxes for purposes of all procedural and substantive provisions of <span class=\"dictionary\">law<\/span>. The retail sales of an <span class=\"dictionary\">authority<\/span> created by a <span class=\"dictionary\">governmental unit<\/span> exempt from the <span class=\"dictionary\">referendum<\/span> requirement of \u00a7&nbsp;<a class=\"law\" title=\"Creation of electric authority; referendum\" href=\"\/15.2-5403\/\">15.2-5403<\/a> shall be subject to the taxes imposed under \u00a7&nbsp;<a class=\"law\" title=\"Imposition of tax\" href=\"\/58.1-2900\/\">58.1-2900<\/a>. Except as herein expressly provided with respect to <span class=\"dictionary\">projects<\/span> owned by an <span class=\"dictionary\">authority<\/span>, no other property of such <span class=\"dictionary\">authority<\/span> used or useful in the generation, transmission, transformation, and distribution of electric power and energy shall be subject to payment in lieu of taxes.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nPAYMENTS IN LIEU OF PROPERTY TAXES; LICENSE TAX (\u00a7 15.2-5423)\n\nA project owned by an authority shall be exempt from property taxes. However, an\nauthority, other than an authority created by a governmental unit exempt from\nthe referendum requirement of \u00a7 15.2-5403, owning a project shall, in lieu of\nproperty taxes, pay to any governmental body authorized to levy property taxes,\nthe amount which would be assessed as taxes on real and personal property of a\nproject if such project were otherwise subject to valuation and assessment by\nthe State Corporation Commission, in the same manner as are public utility\ncompanies. Such payments in lieu of taxes shall be due and shall bear interest,\nif unpaid, as in the cases of taxes on other property. Authorities, other than\nan authority created by a governmental unit exempt from the referendum\nrequirement of \u00a7 15.2-5403, shall pay the annual state license tax imposed by\n\u00a7 58.1-2626, or an equal amount in lieu of such tax, to the same extent as if\n\u00a7 58.1-2626 were by its terms expressly applicable to authorities. Payments in\nlieu of taxes made hereunder shall be treated in the same manner as taxes for\npurposes of all procedural and substantive provisions of law. The retail sales\nof an authority created by a governmental unit exempt from the referendum\nrequirement of \u00a7 15.2-5403 shall be subject to the taxes imposed under \u00a7\n58.1-2900. Except as herein expressly provided with respect to projects owned by\nan authority, no other property of such authority used or useful in the\ngeneration, transmission, transformation, and distribution of electric power and\nenergy shall be subject to payment in lieu of taxes.\n\nHISTORY: 1979, c. 416, \u00a7 15.1-1626; 1997, c. 587; 2006, cc. 929, 941.","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}}