10.1-1616 - Exemption from taxes or assessments.
§ 10.1-1616. Exemption from taxes or assessments.
The exercise of the powers granted by this chapter is for the benefit of thepeople of the Commonwealth, for the increase of their commerce andprosperity, and for the improvement of their health and living conditions.Since the operation and maintenance of projects by the Authority and theundertaking of activities in furtherance of the purpose of the Authority willconstitute the performance of essential governmental functions, the Authorityshall not be required to pay any taxes or assessments upon any project or anyproperty acquired or used by the Authority under the provisions of thischapter or upon the income therefrom, including sales and use taxes ontangible personal property used in the operations of the Authority. Any bondsissued under the provisions of this chapter, their transfer and the incomewhich may result, including any profit made on the sale, shall be free fromstate and local taxation. The exemption hereby granted shall not be construedto extend to persons conducting business on the premises of a facility forwhich local or state taxes would otherwise be required.
(1986, c. 360, § 10-158.13; 1988, c. 891.)