Virginia § 15.2-5423.1 Exemption from taxation for certain authorities

Virginia Statutes

§ 15.2-5423.1 — Exemption from taxation for certain authorities

Virginia § 15.2-5423.1

Title 15.2COUNTIES, CITIES AND TOWNS

Subtitle IVOTHER GOVERNMENTAL ENTITIES

Ch. 54ELECTRIC AUTHORITIES ACT

This text of Virginia § 15.2-5423.1 (Exemption from taxation for certain authorities) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 15.2-5423.1 (2026).

Text

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.

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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.