                                 CODE OF VIRGINIA

TAXATION (§ 15.2-7417)

The exercise of the powers granted by this act shall in all respects be presumed
to be for the benefit of the inhabitants of the Commonwealth, for the increase
of their commerce, and for the promotion of their health, safety, welfare,
convenience, and prosperity, and as the operation and maintenance of any project
that the Authority is authorized to undertake will constitute the performance of
an essential governmental function, the Authority shall not be required to pay
any taxes or assessments upon any facilities acquired and constructed by it
under the provisions of this act, and the bonds issued under the provisions of
this act, their transfer, and the income therefrom, including any profit made on
the sale thereof, shall at all times be free and exempt from taxation by the
Commonwealth and by any political subdivision thereof. Persons, firms,
partnerships, associations, corporations, and organizations leasing property of
the Authority or doing business on property of the Authority shall be subject to
and liable for payment of all applicable taxes of the political subdivision in
which such leased property lies or in which business is conducted, including,
but not limited to, any leasehold tax on real property and taxes on hotel and
motel rooms, taxes on the sale of tobacco products, taxes on the sale of meals
and beverages, privilege taxes and local general retail sales and use taxes,
taxes to be paid on licenses in respect to any business, profession, vocation,
or calling, and taxes upon consumers of gas, electricity, telephone, and other
public utility services.

HISTORY: 2014, c. 471.