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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>56002</law_id><section_number>2.2-2363</section_number><catch_line>Exemption from taxes or assessments</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="2.2">Administration of Government</unit><unit label="subtitle" level="2" order_by="1" identifier="I">Organization of State Government</unit><unit label="part" level="3" order_by="1" identifier="D">State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies</unit><unit label="chapter" level="4" order_by="1" identifier="22">Authorities</unit><unit label="article" level="5" order_by="1" identifier="11">Commonwealth of Virginia Innovation Partnership Act</unit></structure><text>
						<section><p>The exercise of the powers granted by this article shall be in all respects for the benefit of the people of the <span class="dictionary">Commonwealth</span>, for the increase of their commerce and prosperity, and for the improvement of their health and living conditions, and as the operation and maintenance of projects by the <span class="dictionary">Authority</span> and the undertaking of activities in furtherance of the purpose of the <span class="dictionary">Authority</span> constitute the performance of essential governmental functions, the <span class="dictionary">Authority</span> shall not be required to pay any taxes or assessments upon any project or any property acquired or used by the <span class="dictionary">Authority</span> under the provisions of this article or upon the income therefrom, including sales and use taxes on tangible personal property used in the operations of the <span class="dictionary">Authority</span>, and shall at all times be free from <span class="dictionary">state</span> and local taxation. The exemption granted in this section shall not be construed to extend to persons conducting on the premises of a facility businesses for which local or <span class="dictionary">state</span> taxes would otherwise be required.</p></section></text><history>2020, cc. 1164, 1169.</history><metadata></metadata></law>
