                                 CODE OF VIRGINIA

EXEMPTION FROM TAXES OR ASSESSMENTS (§ 2.2-2278)

The exercise of the powers granted by this article shall be in all respects for
the benefit of the people of the Commonwealth, 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 Authority
constitutes the performance of essential governmental functions, the Authority
shall not be required to pay any taxes or assessments upon any project or any
property acquired or used by the Authority under the provisions of this article
or upon the income therefrom, and any bonds issued under the provisions of this
article, their transfer and the income therefrom (including any profit made on
the sale thereof), shall at all times be free from taxation within the
Commonwealth. 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 state taxes would otherwise be required.

HISTORY: 1981, c. 569, § 2.1-234.24; 2001, c. 844.