Virginia § 2.2-2742 Exemption from taxation

Virginia Statutes

§ 2.2-2742 — Exemption from taxation

Virginia § 2.2-2742

JurisdictionVirginia

Title 2.2ADMINISTRATION OF GOVERNMENT

Subtitle IORGANIZATION OF STATE GOVERNMENT

Ch. 27FOUNDATIONS AND OTHER COLLEGIAL BODIES

Art. 11VIRGINIA INTERNATIONAL TRADE CORPORATION

Part DSTATE AUTHORITIES, BOARDS, COMMISSIONS, COUNCILS, FOUNDATIONS AND OTHER COLLEGIAL BODIES

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Bluebook

Va. Code Ann. § 2.2-2742 (2026).

Text

The Corporation shall be performing an essential governmental function in the exercise of the powers conferred upon it by this article. Accordingly, the Corporation shall not be required to pay any taxes or assessments upon any project or any property or upon any operations of the Corporation or the income therefrom. Agents, lessees, sublessees, or users of tangible personal property owned by or leased to the Corporation also shall not be required to pay any sales or use tax upon such property or the revenue derived therefrom.

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The Corporation shall be performing an essential governmental function in the exercise of the powers conferred upon it by this article. Accordingly, the Corporation shall not be required to pay any taxes or assessments upon any project or any property or upon any operations of the Corporation or the income therefrom. Agents, lessees, sublessees, or users of tangible personal property owned by or leased to the Corporation also shall not be required to pay any sales or use tax upon such property or the revenue derived therefrom.