{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-6407.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-6407.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-6407.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-6407.html"}],"law_id":70797,"edition_id":1,"section_id":70797,"structure_id":14199,"section_number":"15.2-6407","catch_line":"Revenue sharing agreements","history":"1997, cc. 276, 587, \u00a7 15.1-1717; 2007, cc. 941, 947; 2019, c. 534; 2022, cc. 230, 231.","full_text":"A\n\nNotwithstanding the requirements of Chapter 34 (§ 15.2-3400 et seq.), the member localities may agree to a revenue and economic growth-sharing arrangement with respect to tax revenues and other income and revenues generated by any facility owned by an authority or a facility owned by a non-authority utilized as part of a cooperative arrangement entered into by an authority promoting economic and workforce development. Such member localities may be located in any jurisdiction participating in the Appalachian Region Interstate Compact or a similar agreement for interstate cooperation for economic and workforce development authorized by law. The obligations of the parties to any such agreement shall not be construed to be debt within the meaning of Article VII, § 10 of the Constitution of Virginia. Any such agreement shall be approved by a majority vote of the governing bodies of the member localities reaching such an agreement but shall not require any other approval.B\n\nWith any such revenue and economic growth-sharing arrangement entered into by localities, the Department of Taxation’s calculation of true values as applied to the Commonwealth’s composite index of local ability-to-pay shall take into account an agreement whereby a portion of real property tax revenue is initially paid to one locality and redistributed to another locality. Such calculation shall properly apportion the percentage of tax revenue ultimately received by each locality. Each participating locality shall include in reports to the Department of Taxation of its taxable real estate the apportioned fair market value of the property upon which such revenue sharing is based. The Department of Taxation shall collect annually, from each participating locality, the taxable real estate value used to determine and apportion the fair market value of the property adjustments upon which such revenue sharing is based.","order_by":null,"text":{"0":{"id":255335,"text":"Notwithstanding the requirements of Chapter 34 (§ 15.2-3400 et seq.), the member localities may agree to a revenue and economic growth-sharing arrangement with respect to tax revenues and other income and revenues generated by any facility owned by an authority or a facility owned by a non-authority utilized as part of a cooperative arrangement entered into by an authority promoting economic and workforce development. Such member localities may be located in any jurisdiction participating in the Appalachian Region Interstate Compact or a similar agreement for interstate cooperation for economic and workforce development authorized by law. The obligations of the parties to any such agreement shall not be construed to be debt within the meaning of Article VII, § 10 of the Constitution of Virginia. Any such agreement shall be approved by a majority vote of the governing bodies of the member localities reaching such an agreement but shall not require any other approval.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":255336,"text":"With any such revenue and economic growth-sharing arrangement entered into by localities, the Department of Taxation’s calculation of true values as applied to the Commonwealth’s composite index of local ability-to-pay shall take into account an agreement whereby a portion of real property tax revenue is initially paid to one locality and redistributed to another locality. Such calculation shall properly apportion the percentage of tax revenue ultimately received by each locality. Each participating locality shall include in reports to the Department of Taxation of its taxable real estate the apportioned fair market value of the property upon which such revenue sharing is based. The Department of Taxation shall collect annually, from each participating locality, the taxable real estate value used to determine and apportion the fair market value of the property adjustments upon which such revenue sharing is based.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":14199,"edition_id":1,"name":"Virginia Regional Industrial Facilities Act","identifier":"64","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:47:15","date_modified":"2026-06-26 03:47:15","permalink":{"id":160227,"object_type":"structure","relational_id":14199,"identifier":"64","token":"15.2\/IV\/64","url":"\/15.2\/IV\/64\/","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":57110,"structure_id":14199,"section_number":"15.2-6400","catch_line":"Definitions","url":"\/15.2-6400\/","token":"15.2\/IV\/64\/15.2-6400","metadata":false},{"id":79446,"structure_id":14199,"section_number":"15.2-6401","catch_line":"Findings; purpose; governmental functions","url":"\/15.2-6401\/","token":"15.2\/IV\/64\/15.2-6401","metadata":false},{"id":84239,"structure_id":14199,"section_number":"15.2-6402","catch_line":"Procedure for creation of authorities","url":"\/15.2-6402\/","token":"15.2\/IV\/64\/15.2-6402","metadata":false},{"id":55385,"structure_id":14199,"section_number":"15.2-6403","catch_line":"Board of the authority","url":"\/15.2-6403\/","token":"15.2\/IV\/64\/15.2-6403","metadata":false},{"id":60109,"structure_id":14199,"section_number":"15.2-6404","catch_line":"Office of authority; title to property","url":"\/15.2-6404\/","token":"15.2\/IV\/64\/15.2-6404","metadata":false},{"id":72941,"structure_id":14199,"section_number":"15.2-6405","catch_line":"Powers of the authority","url":"\/15.2-6405\/","token":"15.2\/IV\/64\/15.2-6405","metadata":false},{"id":61385,"structure_id":14199,"section_number":"15.2-6406","catch_line":"Donations to authority; remittance of tax revenue","url":"\/15.2-6406\/","token":"15.2\/IV\/64\/15.2-6406","metadata":false},{"id":70797,"structure_id":14199,"section_number":"15.2-6407","catch_line":"Revenue sharing agreements","url":"\/15.2-6407\/","token":"15.2\/IV\/64\/15.2-6407","metadata":false},{"id":72736,"structure_id":14199,"section_number":"15.2-6408","catch_line":"Applicability of land use regulations","url":"\/15.2-6408\/","token":"15.2\/IV\/64\/15.2-6408","metadata":false},{"id":74275,"structure_id":14199,"section_number":"15.2-6409","catch_line":"Bond issues; contesting validity of bonds","url":"\/15.2-6409\/","token":"15.2\/IV\/64\/15.2-6409","metadata":false},{"id":67781,"structure_id":14199,"section_number":"15.2-6410","catch_line":"Investments in bonds","url":"\/15.2-6410\/","token":"15.2\/IV\/64\/15.2-6410","metadata":false},{"id":63629,"structure_id":14199,"section_number":"15.2-6411","catch_line":"Bonds exempt from taxation","url":"\/15.2-6411\/","token":"15.2\/IV\/64\/15.2-6411","metadata":false},{"id":65569,"structure_id":14199,"section_number":"15.2-6412","catch_line":"Tax revenues of the Commonwealth or any other political subdivision not pledged","url":"\/15.2-6412\/","token":"15.2\/IV\/64\/15.2-6412","metadata":false},{"id":72648,"structure_id":14199,"section_number":"15.2-6413","catch_line":"Forms of accounts and records; audit of same","url":"\/15.2-6413\/","token":"15.2\/IV\/64\/15.2-6413","metadata":false},{"id":71960,"structure_id":14199,"section_number":"15.2-6414","catch_line":"Tort liability","url":"\/15.2-6414\/","token":"15.2\/IV\/64\/15.2-6414","metadata":false},{"id":77427,"structure_id":14199,"section_number":"15.2-6415","catch_line":"Dissolution of authority","url":"\/15.2-6415\/","token":"15.2\/IV\/64\/15.2-6415","metadata":false},{"id":62186,"structure_id":14199,"section_number":"15.2-6416","catch_line":"Chapter liberally construed","url":"\/15.2-6416\/","token":"15.2\/IV\/64\/15.2-6416","metadata":false}],"previous_section":{"id":61385,"structure_id":14199,"section_number":"15.2-6406","catch_line":"Donations to authority; remittance of tax revenue","url":"\/15.2-6406\/","token":"15.2\/IV\/64\/15.2-6406","metadata":false},"next_section":{"id":72736,"structure_id":14199,"section_number":"15.2-6408","catch_line":"Applicability of land use regulations","url":"\/15.2-6408\/","token":"15.2\/IV\/64\/15.2-6408","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-6407\/","history_text":"

This law was first created in 1997. The record of its establishment is cataloged in chapters 276<\/a> and 587<\/a> 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. It has been modified 3 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 2007, chapters 941<\/a> and 947<\/a>; in 2019, chapter 534<\/a>; in 2022, chapters 230<\/a> and 231<\/a>.<\/p>","references":[{"id":77427,"section_number":"15.2-6415","catch_line":"Dissolution of authority","order_by":null,"url":"\/15.2-6415\/"}],"refers_to":[{"id":75841,"section_number":"15.2-3400","catch_line":"Voluntary settlements among local governments","order_by":null,"url":"\/15.2-3400\/"}],"permalink":{"id":160257,"object_type":"law","relational_id":70797,"identifier":"15.2-6407","token":"15.2\/IV\/64\/15.2-6407","url":"\/15.2-6407\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-6407\/","token":"15.2\/IV\/64\/15.2-6407","dublin_core":{"Title":"Revenue sharing agreements","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-6407","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Notwithstanding the requirements of Chapter 34 (§ 15.2-3400<\/a> et seq.), the member localities<\/span> may agree to a revenue and economic growth-sharing arrangement with respect to tax revenues<\/span> and other income and revenues<\/span> generated by any facility<\/span> owned by an authority<\/span> or a facility<\/span> owned by a non-authority<\/span> utilized as part of a cooperative arrangement entered into by an authority<\/span> promoting economic and workforce development. Such member localities<\/span> may be located in any jurisdiction<\/span> participating in the Appalachian Region<\/span> Interstate Compact or a similar agreement for interstate cooperation for economic and workforce development authorized by law<\/span>. The obligations of the parties to any such agreement shall not be construed to be debt within the meaning of Article VII, § 10 of the Constitution of Virginia. Any such agreement shall be approved by a majority vote of the governing bodies<\/span> of the member localities<\/span> reaching such an agreement but shall not require any other approval. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> With any such revenue and economic growth-sharing arrangement entered into by localities, the Department of Taxation’s calculation of true values as applied to the Commonwealth’s composite index of local ability-to-pay shall take into account an agreement whereby a portion of real property tax revenue is initially paid to one locality<\/span> and redistributed to another locality<\/span>. Such calculation shall properly apportion the percentage of tax revenue ultimately received by each locality<\/span>. Each participating locality<\/span> shall include in reports to the Department of Taxation of its taxable real estate the apportioned fair market value of the property upon which such revenue sharing is based. The Department of Taxation shall collect annually, from each participating locality<\/span>, the taxable real estate value used to determine and apportion the fair market value of the property adjustments upon which such revenue sharing is based. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREVENUE SHARING AGREEMENTS (\u00a7 15.2-6407)\n\nA. Notwithstanding the requirements of Chapter 34 (§ 15.2-3400 et seq.),\nthe member localities may agree to a revenue and economic growth-sharing\narrangement with respect to tax revenues and other income and revenues generated\nby any facility owned by an authority or a facility owned by a non-authority\nutilized as part of a cooperative arrangement entered into by an authority\npromoting economic and workforce development. Such member localities may be\nlocated in any jurisdiction participating in the Appalachian Region Interstate\nCompact or a similar agreement for interstate cooperation for economic and\nworkforce development authorized by law. The obligations of the parties to any\nsuch agreement shall not be construed to be debt within the meaning of Article\nVII, § 10 of the Constitution of Virginia. Any such agreement shall be\napproved by a majority vote of the governing bodies of the member localities\nreaching such an agreement but shall not require any other approval.\n\nB. With any such revenue and economic growth-sharing arrangement entered into by\nlocalities, the Department of Taxation’s calculation of true values as\napplied to the Commonwealth’s composite index of local ability-to-pay\nshall take into account an agreement whereby a portion of real property tax\nrevenue is initially paid to one locality and redistributed to another locality.\nSuch calculation shall properly apportion the percentage of tax revenue\nultimately received by each locality. Each participating locality shall include\nin reports to the Department of Taxation of its taxable real estate the\napportioned fair market value of the property upon which such revenue sharing is\nbased. The Department of Taxation shall collect annually, from each\nparticipating locality, the taxable real estate value used to determine and\napportion the fair market value of the property adjustments upon which such\nrevenue sharing is based.\n\nHISTORY: 1997, cc. 276, 587, \u00a7 15.1-1717; 2007, cc. 941, 947; 2019, c. 534;\n2022, cc. 230, 231.","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}}