CODE OF VIRGINIA

TAXATION (§ 15.2-7220)

The exercise of the powers granted by this Act shall in all respects be presumed
to be for the benefit of the public, for the increase of their commerce and for
the promotion of their health, safety, welfare, convenience, and prosperity, and
as the operation and maintenance of any service that the Authority is authorized
to provide will constitute the performance of an essential governmental
function, the Authority shall not be required to pay any taxes or assessments
upon any facilities acquired and constructed by it under the provisions of this
Act and the bonds issued under the provisions of this Act, their transfer, and
the income therefrom, including any profit made on the sale thereof, shall at
all times be free and exempt from taxation by the Commonwealth and by any
political subdivision thereof. Persons, firms, partnerships, associations,
corporations, and organizations leasing property of the Authority or doing
business on property of the Authority shall be subject to and liable for payment
of all applicable taxes of the political subdivision in which such leased
property lies or in which business is conducted including but not limited to any
leasehold tax on real property and taxes on the sale of utility services and
local general retail sales and use taxes, taxes to be paid on licenses in
respect to any business, profession, vocation or calling, and taxes upon
consumers of gas, electricity, telephone, and other public utility services. The
Authority shall continue to pay or impute any taxes presently paid or imputed by
Bristol Virginia Utilities and to collect and remit all taxes presently
collected and remitted by Bristol Virginia Utilities.

HISTORY: 2010, cc. 117, 210.