                                 CODE OF VIRGINIA

EXERCISE OF POWERS CONSTITUTES GOVERNMENTAL FUNCTIONS; EXEMPTION FROM TAXATION
(§ 62.1-145)

The exercise of the powers granted by this chapter shall be in all respects for
the benefit of the inhabitants of the Commonwealth, for the increase of their
commerce, and for the promotion of their safety, health, welfare, convenience,
and prosperity, and as the operation and maintenance of the project by the
Authority will constitute the performance of essential governmental functions,
the Authority shall not be required to pay any taxes or assessments upon the
project or any property acquired or used by the Authority under the provisions
of this chapter or upon the income therefrom, including sales and use taxes on
tangible personal property used in and about a marine terminal under the
supervision of the Virginia Port Authority for handling cargo, merchandise,
freight, and equipment; nor shall the agents, lessees, sublessees, or users of
tangible personal property owned by or leased to the Authority be required to
pay any sales or use tax upon such property or the revenue derived therefrom;
and the bonds, notes, certificates, or other evidences of debt issued under the
provisions of this chapter, their transfer and the income therefrom including
any profit made on the sale thereof, shall be exempt from taxation by the
Commonwealth and by any municipality, county, or other political subdivision
thereof. The exemption from the retail sales and use tax shall apply to property
acquired or used by the Authority, or by a nonstock, nonprofit corporation that
operates a marine terminal or terminals solely on behalf of the Authority.
Service charge payments to any city, county, or town authorized pursuant to
subsection D of § 58.1-3403 shall be paid from the general fund. Service charge
payments to any county, city, or town authorized pursuant to subsection B of §
58.1-3403 shall be paid by the Authority.

HISTORY: Code 1950, § 62-106.17; 1954, c. 667; 1968, c. 659; 1974, c. 546;
1990, c. 694; 2000, c. 737; 2005, c. 581.