§ 15.2-5423. Payments in lieu of property taxes; license tax.
A project owned by an authority shall be exempt from property taxes. However,an authority, other than an authority created by a governmental unit exemptfrom the referendum requirement of § 15.2-5403, owning a project shall, inlieu of property taxes, pay to any governmental body authorized to levyproperty taxes, the amount which would be assessed as taxes on real andpersonal property of a project if such project were otherwise subject tovaluation and assessment by the State Corporation Commission, in the samemanner as are public utility companies. Such payments in lieu of taxes shallbe due and shall bear interest, if unpaid, as in the cases of taxes on otherproperty. Authorities, other than an authority created by a governmental unitexempt from the referendum requirement of § 15.2-5403, shall pay the annualstate license tax imposed by § 58.1-2626, or an equal amount in lieu of suchtax, to the same extent as if § 58.1-2626 were by its terms expresslyapplicable to authorities. Payments in lieu of taxes made hereunder shall betreated in the same manner as taxes for purposes of all procedural andsubstantive provisions of law. The retail sales of an authority created by agovernmental unit exempt from the referendum requirement of § 15.2-5403 shallbe subject to the taxes imposed under § 58.1-2900. Except as herein expresslyprovided with respect to projects owned by an authority, no other property ofsuch authority used or useful in the generation, transmission,transformation, and distribution of electric power and energy shall besubject to payment in lieu of taxes.
(1979, c. 416, § 15.1-1626; 1997, c. 587; 2006, cc. 929, 941.)
§ 15.2-5423. Payments in lieu of property taxes; license tax.
A project owned by an authority shall be exempt from property taxes. However,an authority, other than an authority created by a governmental unit exemptfrom the referendum requirement of § 15.2-5403, owning a project shall, inlieu of property taxes, pay to any governmental body authorized to levyproperty taxes, the amount which would be assessed as taxes on real andpersonal property of a project if such project were otherwise subject tovaluation and assessment by the State Corporation Commission, in the samemanner as are public utility companies. Such payments in lieu of taxes shallbe due and shall bear interest, if unpaid, as in the cases of taxes on otherproperty. Authorities, other than an authority created by a governmental unitexempt from the referendum requirement of § 15.2-5403, shall pay the annualstate license tax imposed by § 58.1-2626, or an equal amount in lieu of suchtax, to the same extent as if § 58.1-2626 were by its terms expresslyapplicable to authorities. Payments in lieu of taxes made hereunder shall betreated in the same manner as taxes for purposes of all procedural andsubstantive provisions of law. The retail sales of an authority created by agovernmental unit exempt from the referendum requirement of § 15.2-5403 shallbe subject to the taxes imposed under § 58.1-2900. Except as herein expresslyprovided with respect to projects owned by an authority, no other property ofsuch authority used or useful in the generation, transmission,transformation, and distribution of electric power and energy shall besubject to payment in lieu of taxes.
(1979, c. 416, § 15.1-1626; 1997, c. 587; 2006, cc. 929, 941.)
§ 15.2-5423. Payments in lieu of property taxes; license tax.
A project owned by an authority shall be exempt from property taxes. However,an authority, other than an authority created by a governmental unit exemptfrom the referendum requirement of § 15.2-5403, owning a project shall, inlieu of property taxes, pay to any governmental body authorized to levyproperty taxes, the amount which would be assessed as taxes on real andpersonal property of a project if such project were otherwise subject tovaluation and assessment by the State Corporation Commission, in the samemanner as are public utility companies. Such payments in lieu of taxes shallbe due and shall bear interest, if unpaid, as in the cases of taxes on otherproperty. Authorities, other than an authority created by a governmental unitexempt from the referendum requirement of § 15.2-5403, shall pay the annualstate license tax imposed by § 58.1-2626, or an equal amount in lieu of suchtax, to the same extent as if § 58.1-2626 were by its terms expresslyapplicable to authorities. Payments in lieu of taxes made hereunder shall betreated in the same manner as taxes for purposes of all procedural andsubstantive provisions of law. The retail sales of an authority created by agovernmental unit exempt from the referendum requirement of § 15.2-5403 shallbe subject to the taxes imposed under § 58.1-2900. Except as herein expresslyprovided with respect to projects owned by an authority, no other property ofsuch authority used or useful in the generation, transmission,transformation, and distribution of electric power and energy shall besubject to payment in lieu of taxes.
(1979, c. 416, § 15.1-1626; 1997, c. 587; 2006, cc. 929, 941.)
