                                 CODE OF VIRGINIA

EXEMPTION FROM TAXATION (§ 23.1-2411)

A. The Authority is not required to pay any taxes or assessments upon any (i)
project, property, or operations of the Authority or the income from such
projects, property, or operations or (ii) project, property, or local obligation
acquired or used by the Authority under the provisions of this chapter or the
income from such projects, property, or local obligations. Such exemptions shall
not extend to persons conducting businesses on the Authority&#8217;s property
for which payment of state or local taxes would otherwise be required.

B. Any bonds issued by the Authority under the provisions of this chapter, the
transfer of such bonds, and the income from such bonds and all rents, fees,
charges, gifts, grants, revenues, receipts, and other moneys received or pledged
to pay or secure the payment of such bonds are exempt from taxation and
assessment of every kind by the Commonwealth and by the local governing bodies
and other political subdivisions of the Commonwealth.

HISTORY: 1996, cc. 905, 1046, § 23-50.16:16; 2016, c. 588.