§ 15.2-5423.1. Exemption from taxation for certain authorities

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Code of Virginia
Title 15.2. Counties, Cities and Towns
Chapter 54. Electric Authorities Act

9/25/2023

§ 15.2-5423.1. Exemption from taxation for certain authorities.

An authority created by a governmental unit exempt from the referendum requirement of § 15.2-5403 is hereby declared to be performing a public function on behalf of the governmental unit that is the sole member of such authority with respect to which the authority is created and to be a public instrumentality of such governmental unit. Accordingly, an authority created by a governmental unit exempt from the referendum requirement of § 15.2-5403 shall be exempt from state and local taxation to the same extent that the governmental unit that is the sole member of such authority is exempt from such taxation.

2006, cc. 929, 941.