"Exempt project" for the purposes of the industrial development portion ofthe state ceiling means the following facilities:
1. Sewage, solid waste and qualified hazardous waste disposal facilities; andfacilities for the local furnishing of electric energy or gas;
2. Certain facilities for the furnishing of water (including irrigationsystems);
3. Mass commuting facilities;
4. Local district heating and cooling facilities.
"Industrial development bond" means those obligations issued by theCommonwealth and its issuing authorities which constitute manufacturing andexempt facility private activity bonds and the private use portion ofgovernmental projects over the fifteen million-dollar threshold amount.
"Issuing authority" means any political subdivision, governmental unit,authority, or other entity of the Commonwealth which is empowered to issueprivate activity bonds.
"Local housing authority" means any issuer of multifamily housing bonds orsingle family housing bonds, created and existing under the laws of theCommonwealth, excluding the Virginia Housing Development Authority.
"Manufacturing facility" means (i) any facility which is used in themanufacturing or production of tangible personal property, including theprocessing resulting in a change of condition of such property, (ii) anyfacility which is used in the creation or production of intangible propertyas described in § 197(d)(1)(C)(iii) of the Internal Revenue Code of 1986, asamended, to be any patent, copyright, formula, process, design, pattern,knowhow, format, or other similar item, or (iii) any facility which isfunctionally related and subordinate to a manufacturing facility if suchfacility is located on the same site as the manufacturing facility. Thisdefinition is for bonding purposes under this chapter only and shall notapply to local taxation under Title 58.1.
"Multifamily housing bond" means any obligation which constitutes an exemptfacility bond under federal law for the financing of a qualified residentialrental project within the meaning of § 142 of the Internal Revenue Code of1986, as amended.
"Private activity bond" means a part or all of any bond (or otherinstrument) required to obtain an allocation from the state's volume cappursuant to § 146 of the Internal Revenue Code of 1986, as amended, in orderto be tax exempt, including but not limited to the following:
1. Exempt project bonds,
2. Manufacturing facility bonds,
3. Industrial development bonds,
4. Multifamily housing bonds,
5. Single family housing bonds,
6. Any other bond eligible for a tax exemption as a private activity bondpursuant to § 141 of the Internal Revenue Code of 1986, as amended.
"Single family housing bonds" means any obligation described as a qualifiedmortgage bond under § 143 of the Internal Revenue Code of 1986, as amended.
"State ceiling" means the maximum amount of private activity bonds that theCommonwealth of Virginia may issue in a calendar year as limited by federallaw under the Internal Revenue Code of 1986, as amended.
(1987, c. 306, § 15.1-1399.10; 1990, c. 299; 1997, c. 587; 2008, c. 445;2010, cc. 122, 360.)
"Exempt project" for the purposes of the industrial development portion ofthe state ceiling means the following facilities:
1. Sewage, solid waste and qualified hazardous waste disposal facilities; andfacilities for the local furnishing of electric energy or gas;
2. Certain facilities for the furnishing of water (including irrigationsystems);
3. Mass commuting facilities;
4. Local district heating and cooling facilities.
"Industrial development bond" means those obligations issued by theCommonwealth and its issuing authorities which constitute manufacturing andexempt facility private activity bonds and the private use portion ofgovernmental projects over the fifteen million-dollar threshold amount.
"Issuing authority" means any political subdivision, governmental unit,authority, or other entity of the Commonwealth which is empowered to issueprivate activity bonds.
"Local housing authority" means any issuer of multifamily housing bonds orsingle family housing bonds, created and existing under the laws of theCommonwealth, excluding the Virginia Housing Development Authority.
"Manufacturing facility" means (i) any facility which is used in themanufacturing or production of tangible personal property, including theprocessing resulting in a change of condition of such property, (ii) anyfacility which is used in the creation or production of intangible propertyas described in § 197(d)(1)(C)(iii) of the Internal Revenue Code of 1986, asamended, to be any patent, copyright, formula, process, design, pattern,knowhow, format, or other similar item, or (iii) any facility which isfunctionally related and subordinate to a manufacturing facility if suchfacility is located on the same site as the manufacturing facility. Thisdefinition is for bonding purposes under this chapter only and shall notapply to local taxation under Title 58.1.
"Multifamily housing bond" means any obligation which constitutes an exemptfacility bond under federal law for the financing of a qualified residentialrental project within the meaning of § 142 of the Internal Revenue Code of1986, as amended.
"Private activity bond" means a part or all of any bond (or otherinstrument) required to obtain an allocation from the state's volume cappursuant to § 146 of the Internal Revenue Code of 1986, as amended, in orderto be tax exempt, including but not limited to the following:
1. Exempt project bonds,
2. Manufacturing facility bonds,
3. Industrial development bonds,
4. Multifamily housing bonds,
5. Single family housing bonds,
6. Any other bond eligible for a tax exemption as a private activity bondpursuant to § 141 of the Internal Revenue Code of 1986, as amended.
"Single family housing bonds" means any obligation described as a qualifiedmortgage bond under § 143 of the Internal Revenue Code of 1986, as amended.
"State ceiling" means the maximum amount of private activity bonds that theCommonwealth of Virginia may issue in a calendar year as limited by federallaw under the Internal Revenue Code of 1986, as amended.
(1987, c. 306, § 15.1-1399.10; 1990, c. 299; 1997, c. 587; 2008, c. 445;2010, cc. 122, 360.)
"Exempt project" for the purposes of the industrial development portion ofthe state ceiling means the following facilities:
1. Sewage, solid waste and qualified hazardous waste disposal facilities; andfacilities for the local furnishing of electric energy or gas;
2. Certain facilities for the furnishing of water (including irrigationsystems);
3. Mass commuting facilities;
4. Local district heating and cooling facilities.
"Industrial development bond" means those obligations issued by theCommonwealth and its issuing authorities which constitute manufacturing andexempt facility private activity bonds and the private use portion ofgovernmental projects over the fifteen million-dollar threshold amount.
"Issuing authority" means any political subdivision, governmental unit,authority, or other entity of the Commonwealth which is empowered to issueprivate activity bonds.
"Local housing authority" means any issuer of multifamily housing bonds orsingle family housing bonds, created and existing under the laws of theCommonwealth, excluding the Virginia Housing Development Authority.
"Manufacturing facility" means (i) any facility which is used in themanufacturing or production of tangible personal property, including theprocessing resulting in a change of condition of such property, (ii) anyfacility which is used in the creation or production of intangible propertyas described in § 197(d)(1)(C)(iii) of the Internal Revenue Code of 1986, asamended, to be any patent, copyright, formula, process, design, pattern,knowhow, format, or other similar item, or (iii) any facility which isfunctionally related and subordinate to a manufacturing facility if suchfacility is located on the same site as the manufacturing facility. Thisdefinition is for bonding purposes under this chapter only and shall notapply to local taxation under Title 58.1.
"Multifamily housing bond" means any obligation which constitutes an exemptfacility bond under federal law for the financing of a qualified residentialrental project within the meaning of § 142 of the Internal Revenue Code of1986, as amended.
"Private activity bond" means a part or all of any bond (or otherinstrument) required to obtain an allocation from the state's volume cappursuant to § 146 of the Internal Revenue Code of 1986, as amended, in orderto be tax exempt, including but not limited to the following:
1. Exempt project bonds,
2. Manufacturing facility bonds,
3. Industrial development bonds,
4. Multifamily housing bonds,
5. Single family housing bonds,
6. Any other bond eligible for a tax exemption as a private activity bondpursuant to § 141 of the Internal Revenue Code of 1986, as amended.
"Single family housing bonds" means any obligation described as a qualifiedmortgage bond under § 143 of the Internal Revenue Code of 1986, as amended.
"State ceiling" means the maximum amount of private activity bonds that theCommonwealth of Virginia may issue in a calendar year as limited by federallaw under the Internal Revenue Code of 1986, as amended.
(1987, c. 306, § 15.1-1399.10; 1990, c. 299; 1997, c. 587; 2008, c. 445;2010, cc. 122, 360.)
