Virginia § 33.2-1506 Exemption from taxation; exemption from Virginia Public Procurement Act

Virginia Statutes

§ 33.2-1506 — Exemption from taxation; exemption from Virginia Public Procurement Act

Virginia § 33.2-1506

JurisdictionVirginia

Title 33.2HIGHWAYS AND OTHER SURFACE TRANSPORTATION SYSTEMS

Subtitle IIITRANSPORTATION FUNDING AND DEVELOPMENT

Ch. 15TRANSPORTATION FUNDING

Art. 1VIRGINIA TRANSPORTATION INFRASTRUCTURE BANK

This text of Virginia § 33.2-1506 (Exemption from taxation; exemption from Virginia Public Procurement Act) 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. § 33.2-1506 (2026).

Text

A.The Bank will be performing an essential governmental function in the exercise of the powers conferred upon it by this article. Accordingly, the Bank shall not be required to pay any taxes or assessments to the Commonwealth or its localities or any political subdivision thereof upon any capital, moneys or any property or upon any operations of the Bank or the income therefrom, or any taxes or assessments upon any project or any property or project obligation acquired by the Bank under the provisions of this article or upon the income therefrom.

B.The provisions of the Virginia Public Procurement Act (§ 2.2-4300 et seq.) shall not apply to the Bank in the exercise of any power conferred under this article.

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A. The Bank will be performing an essential governmental function in the exercise of the powers conferred upon it by this article. Accordingly, the Bank shall not be required to pay any taxes or assessments to the Commonwealth or its localities or any political subdivision thereof upon any capital, moneys or any property or upon any operations of the Bank or the income therefrom, or any taxes or assessments upon any project or any property or project obligation acquired by the Bank under the provisions of this article or upon the income therefrom.

B. The provisions of the Virginia Public Procurement Act (§ 2.2-4300 et seq.) shall not apply to the Bank in the exercise of any power conferred under this article.