                                 CODE OF VIRGINIA

ENTITLEMENT TO TAX REVENUES DERIVED FROM THE OPERATION OF A FACILITY (§
15.2-5946)

A. 1. The Authority shall be entitled, subject to appropriation, to sales and
use tax revenues defined in this chapter. Such entitlement shall include
transactions that occur while a Facility is under construction. The State
Comptroller shall remit such sales and use tax revenues to the Authority on a
quarterly basis, subject to such reasonable processing delays as may be required
by the Department of Taxation. The State Comptroller shall make such remittances
to the Authority, as provided herein, notwithstanding any provisions to the
contrary in the Virginia Retail Sales and Use Tax Act (§ 58.1-600 et seq.).

   2. The revenues accruing to the Authority pursuant to the provisions of this
   section shall be used by the Authority only to pay debt service, to distribute
   to any lessee of the Facility for the purpose of paying debt service, to meet
   contractual obligations entered into pursuant to &#xA7; 15.2-5942, or to remit
   to each participating locality its share of revenues from the Facility.

B. The governing body of the Authority may fix and revise from time to time and
charge and collect rates, rents, fees, ticket surcharges, or other charges for a
Facility developed under the provisions of this chapter.

C. If a Facility qualifies for entitlement to sales and use tax revenues
pursuant to the provisions of &#xA7; 58.1-3851.1 or 58.1-3851.2, the Authority
shall remain eligible to receive sales and use tax revenues pursuant to the
provisions of this chapter; however, the amount received pursuant to this
chapter shall be reduced by the amount received pursuant to the provisions of
&#xA7; 58.1-3851.1 or 58.1-3851.2.

D. The Tax Commissioner, as defined in &#xA7; 58.1-1, shall report to the
Chairmen of the Senate Committee on Finance and Appropriations, the House
Committee on Appropriations, and the House Committee on Finance by July 1 of
each year the amount of tax revenues accruing to the Authority pursuant to the
provisions of this chapter.

HISTORY: 2020, cc. 538, 539.