                                 CODE OF VIRGINIA

EXEMPTIONS FROM TAXES OR ASSESSMENTS (§ 4.1-101.09)

The exercise of the powers granted by this subtitle 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 living conditions, and
as the undertaking of activities in the furtherance of the purposes of the
Authority constitutes the performance of essential governmental functions, the
Authority shall not be required to pay any taxes or assessments upon any
property acquired or used by the Authority under the provisions of this subtitle
or upon the income therefrom, including sales and use taxes on the tangible
personal property used in the operations of the Authority. The exemption granted
in this section shall not be construed to extend to persons conducting on the
premises of any property of the Authority businesses for which local or state
taxes would otherwise be required.

HISTORY: 2015, cc. 38, 730.