                                 CODE OF VIRGINIA

EXEMPTION FROM TAXATION FOR CERTAIN AUTHORITIES (§ 15.2-5423.1)

An authority created by a governmental unit exempt from the referendum
requirement of § 15.2-5403 is hereby declared to be performing a public
function on behalf of the governmental unit that is the sole member of such
authority with respect to which the authority is created and to be a public
instrumentality of such governmental unit. Accordingly, an authority created by
a governmental unit exempt from the referendum requirement of § 15.2-5403 shall
be exempt from state and local taxation to the same extent that the governmental
unit that is the sole member of such authority is exempt from such taxation.

HISTORY: 2006, cc. 929, 941.