{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/15.2-5001.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/15.2-5001.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/15.2-5001.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/15.2-5001.html"}],"law_id":348537,"edition_id":2,"section_id":348537,"structure_id":49986,"section_number":"15.2-5001","catch_line":"Purpose of chapter","history":"1987, c. 306, \u00a7 15.1-1399.11; 1997, c. 587; 2008, c. 445.","full_text":"It is the intent of the legislature by the passage of this chapter to allocate Virginia’s total private activity bond issuing authority to those issuing authorities empowered to issue private activity bonds.\n\nThe Tax Reform Act of 1986 imposes restrictions on the issuance of bonds designated in the Act as “private activity bonds.” These restrictions include limitations on the aggregate amount of private activity bonds that may be issued in each state in any calendar year that may be regarded as exempt from federal income taxation. Section 146 (e) of the Tax Reform Act of 1986 provides the authority for each state to establish a system for the allocation of the state ceiling on private activity bonds.\n\nIt is the intent of the legislature to provide for the allocation of the state ceiling among issuers of such bonds in a manner which will promote the public purposes and maximize the public benefits created by the issuance of such bonds.\n\n","order_by":null,"text":{"0":{"id":1299523,"text":"It is the intent of the legislature by the passage of this chapter to allocate Virginia’s total private activity bond issuing authority to those issuing authorities empowered to issue private activity bonds.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":""},"1":{"id":1299524,"text":"The Tax Reform Act of 1986 imposes restrictions on the issuance of bonds designated in the Act as “private activity bonds.” These restrictions include limitations on the aggregate amount of private activity bonds that may be issued in each state in any calendar year that may be regarded as exempt from federal income taxation. Section 146 (e) of the Tax Reform Act of 1986 provides the authority for each state to establish a system for the allocation of the state ceiling on private activity bonds.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":"","next_prefix":""},"2":{"id":1299525,"text":"It is the intent of the legislature to provide for the allocation of the state ceiling among issuers of such bonds in a manner which will promote the public purposes and maximize the public benefits created by the issuance of such bonds.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":""}},"ancestry":[{"id":49986,"edition_id":2,"name":"Private Activity Bonds","identifier":"50","label":"chapter","depth":3,"order_by":8,"parent_id":49964,"metadata":{"child_laws":6,"child_structures":0},"date_created":"2026-08-02 02:19:26","date_modified":"2026-08-02 12:29:51","permalink":{"id":1385431,"object_type":"structure","relational_id":49986,"identifier":"50","token":"15.2\/IV\/50","url":"\/15.2\/IV\/50\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49964,"edition_id":2,"name":"Other Governmental Entities","identifier":"IV","label":"subtitle","depth":2,"order_by":4,"parent_id":49831,"metadata":{"child_laws":721,"child_structures":68},"date_created":"2026-08-02 02:19:12","date_modified":"2026-08-02 12:29:48","permalink":{"id":1384899,"object_type":"structure","relational_id":49964,"identifier":"IV","token":"15.2\/IV","url":"\/15.2\/IV\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49831,"edition_id":2,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":46,"parent_id":null,"metadata":{"child_laws":2297,"child_structures":225},"date_created":"2026-08-02 02:16:22","date_modified":"2026-08-02 12:29:22","permalink":{"id":1378281,"object_type":"structure","relational_id":49831,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":348536,"structure_id":49986,"section_number":"15.2-5000","catch_line":"Definitions","url":"\/15.2-5000\/","token":"15.2\/IV\/50\/15.2-5000","metadata":false},{"id":348537,"structure_id":49986,"section_number":"15.2-5001","catch_line":"Purpose of chapter","url":"\/15.2-5001\/","token":"15.2\/IV\/50\/15.2-5001","metadata":false},{"id":348538,"structure_id":49986,"section_number":"15.2-5002","catch_line":"Allocation of state ceiling for 2008 and beyond","url":"\/15.2-5002\/","token":"15.2\/IV\/50\/15.2-5002","metadata":false},{"id":348539,"structure_id":49986,"section_number":"15.2-5003","catch_line":"Administration","url":"\/15.2-5003\/","token":"15.2\/IV\/50\/15.2-5003","metadata":false},{"id":348540,"structure_id":49986,"section_number":"15.2-5004","catch_line":"Reallocation of bond authority","url":"\/15.2-5004\/","token":"15.2\/IV\/50\/15.2-5004","metadata":false},{"id":348541,"structure_id":49986,"section_number":"15.2-5005","catch_line":"Changes by the federal government","url":"\/15.2-5005\/","token":"15.2\/IV\/50\/15.2-5005","metadata":false}],"previous_section":{"id":348536,"structure_id":49986,"section_number":"15.2-5000","catch_line":"Definitions","url":"\/15.2-5000\/","token":"15.2\/IV\/50\/15.2-5000","metadata":false},"next_section":{"id":348538,"structure_id":49986,"section_number":"15.2-5002","catch_line":"Allocation of state ceiling for 2008 and beyond","url":"\/15.2-5002\/","token":"15.2\/IV\/50\/15.2-5002","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5001\/","history_text":"

This law was first created in 1987. The record of its establishment is cataloged in chapter 306 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1987 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1997, chapter 587<\/a>; in 2008, chapter 445<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1385437,"object_type":"law","relational_id":348537,"identifier":"15.2-5001","token":"15.2\/IV\/50\/15.2-5001","url":"\/15.2-5001\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/15.2-5001\/","token":"15.2\/IV\/50\/15.2-5001","dublin_core":{"Title":"Purpose of chapter","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5001","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

It is the intent<\/span> of the legislature by the passage of this chapter to allocate Virginia’s total private activity bond<\/span> issuing authority<\/span> to those issuing authorities empowered to issue<\/span> private activity bonds<\/span>.<\/p>

The Tax Reform Act of 1986 imposes restrictions on the issuance of bonds designated in the Act as “private activity bonds<\/span>.” These restrictions include limitations on the aggregate amount of private activity bonds<\/span> that may be issued in each state in any calendar year that may be regarded as exempt from federal income taxation. Section 146 (e) of the Tax Reform Act of 1986 provides the authority for each state to establish a system for the allocation of the state ceiling<\/span> on private activity bonds<\/span>.<\/p>

It is the intent<\/span> of the legislature to provide for the allocation of the state ceiling<\/span> among issuers of such bonds in a manner which will promote the public purposes and maximize the public benefits created by the issuance of such bonds.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPURPOSE OF CHAPTER (\u00a7 15.2-5001)\n\nIt is the intent of the legislature by the passage of this chapter to allocate\nVirginia’s total private activity bond issuing authority to those issuing\nauthorities empowered to issue private activity bonds.\n\nThe Tax Reform Act of 1986 imposes restrictions on the issuance of bonds\ndesignated in the Act as “private activity bonds.” These\nrestrictions include limitations on the aggregate amount of private activity\nbonds that may be issued in each state in any calendar year that may be regarded\nas exempt from federal income taxation. Section 146 (e) of the Tax Reform Act of\n1986 provides the authority for each state to establish a system for the\nallocation of the state ceiling on private activity bonds.\n\nIt is the intent of the legislature to provide for the allocation of the state\nceiling among issuers of such bonds in a manner which will promote the public\npurposes and maximize the public benefits created by the issuance of such bonds.\n\nHISTORY: 1987, c. 306, \u00a7 15.1-1399.11; 1997, c. 587; 2008, c. 445.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}