§ 62.1-145. Exercise of powers constitutes governmental functions; exemptionfrom taxation.
The exercise of the powers granted by this chapter shall be in all respectsfor the benefit of the inhabitants of the Commonwealth, for the increase oftheir commerce, and for the promotion of their safety, health, welfare,convenience, and prosperity, and as the operation and maintenance of theproject by the Authority will constitute the performance of essentialgovernmental functions, the Authority shall not be required to pay any taxesor assessments upon the project or any property acquired or used by theAuthority under the provisions of this chapter or upon the income therefrom,including sales and use taxes on tangible personal property used in and abouta marine terminal under the supervision of the Virginia Port Authority forhandling cargo, merchandise, freight, and equipment; nor shall the agents,lessees, sublessees, or users of tangible personal property owned by orleased to the Authority be required to pay any sales or use tax upon suchproperty or the revenue derived therefrom; and the bonds, notes,certificates, or other evidences of debt issued under the provisions of thischapter, their transfer and the income therefrom including any profit made onthe sale thereof, shall be exempt from taxation by the Commonwealth and byany municipality, county, or other political subdivision thereof. Theexemption from the retail sales and use tax shall apply to property acquiredor used by the Authority, or by a nonstock, nonprofit corporation thatoperates a marine terminal or terminals solely on behalf of the Authority.Service charge payments to any city, county, or town authorized pursuant tosubsection D of § 58.1-3403 shall be paid from the general fund. Servicecharge payments to any county, city, or town authorized pursuant tosubsection B of § 58.1-3403 shall be paid by the Authority.
(Code 1950, § 62-106.17; 1954, c. 667; 1968, c. 659; 1974, c. 546; 1990, c.694; 2000, c. 737; 2005, c. 581.)
§ 62.1-145. Exercise of powers constitutes governmental functions; exemptionfrom taxation.
The exercise of the powers granted by this chapter shall be in all respectsfor the benefit of the inhabitants of the Commonwealth, for the increase oftheir commerce, and for the promotion of their safety, health, welfare,convenience, and prosperity, and as the operation and maintenance of theproject by the Authority will constitute the performance of essentialgovernmental functions, the Authority shall not be required to pay any taxesor assessments upon the project or any property acquired or used by theAuthority under the provisions of this chapter or upon the income therefrom,including sales and use taxes on tangible personal property used in and abouta marine terminal under the supervision of the Virginia Port Authority forhandling cargo, merchandise, freight, and equipment; nor shall the agents,lessees, sublessees, or users of tangible personal property owned by orleased to the Authority be required to pay any sales or use tax upon suchproperty or the revenue derived therefrom; and the bonds, notes,certificates, or other evidences of debt issued under the provisions of thischapter, their transfer and the income therefrom including any profit made onthe sale thereof, shall be exempt from taxation by the Commonwealth and byany municipality, county, or other political subdivision thereof. Theexemption from the retail sales and use tax shall apply to property acquiredor used by the Authority, or by a nonstock, nonprofit corporation thatoperates a marine terminal or terminals solely on behalf of the Authority.Service charge payments to any city, county, or town authorized pursuant tosubsection D of § 58.1-3403 shall be paid from the general fund. Servicecharge payments to any county, city, or town authorized pursuant tosubsection B of § 58.1-3403 shall be paid by the Authority.
(Code 1950, § 62-106.17; 1954, c. 667; 1968, c. 659; 1974, c. 546; 1990, c.694; 2000, c. 737; 2005, c. 581.)
§ 62.1-145. Exercise of powers constitutes governmental functions; exemptionfrom taxation.
The exercise of the powers granted by this chapter shall be in all respectsfor the benefit of the inhabitants of the Commonwealth, for the increase oftheir commerce, and for the promotion of their safety, health, welfare,convenience, and prosperity, and as the operation and maintenance of theproject by the Authority will constitute the performance of essentialgovernmental functions, the Authority shall not be required to pay any taxesor assessments upon the project or any property acquired or used by theAuthority under the provisions of this chapter or upon the income therefrom,including sales and use taxes on tangible personal property used in and abouta marine terminal under the supervision of the Virginia Port Authority forhandling cargo, merchandise, freight, and equipment; nor shall the agents,lessees, sublessees, or users of tangible personal property owned by orleased to the Authority be required to pay any sales or use tax upon suchproperty or the revenue derived therefrom; and the bonds, notes,certificates, or other evidences of debt issued under the provisions of thischapter, their transfer and the income therefrom including any profit made onthe sale thereof, shall be exempt from taxation by the Commonwealth and byany municipality, county, or other political subdivision thereof. Theexemption from the retail sales and use tax shall apply to property acquiredor used by the Authority, or by a nonstock, nonprofit corporation thatoperates a marine terminal or terminals solely on behalf of the Authority.Service charge payments to any city, county, or town authorized pursuant tosubsection D of § 58.1-3403 shall be paid from the general fund. Servicecharge payments to any county, city, or town authorized pursuant tosubsection B of § 58.1-3403 shall be paid by the Authority.
(Code 1950, § 62-106.17; 1954, c. 667; 1968, c. 659; 1974, c. 546; 1990, c.694; 2000, c. 737; 2005, c. 581.)
