CODE OF VIRGINIA

TANGIBLE PERSONAL PROPERTY LEASED, LOANED, OR OTHERWISE MADE AVAILABLE TO A
PRIVATE PARTY FROM AGENCY OF FEDERAL, STATE OR LOCAL GOVERNMENT (§ 58.1-3502)

Any person, firm, association, unincorporated company, or corporation engaged in
business for profit who or which leases, borrows or otherwise has made available
to it any tangible personal property to be used in such business from any agency
or political subdivision of the federal, state or local governments shall be
liable to local taxation, unless otherwise exempted or partially exempted by
state or local laws, to the same extent, in the same manner, and on the same
basis as if the lessee were the owner thereof. This section shall not apply to
any such property owned by the Virginia Port Authority and leased in connection
with the operation of piers and marine terminals and related facilities, or to
property owned by any transportation district organized under the Transportation
District Act of 1964 (§ 33.2-1900 et seq.) and leased to provide transportation
services.

HISTORY: Code 1950, § 58-831.2; 1960, c. 239; 1975, c. 504; 1980, c. 382; 1981,
c. 442; 1984, c. 675.