The exercise of the powers granted by this chapter shall be in all respects for the benefit of the inhabitants of the Commonwealth, for the increase of their commerce, and for the promotion of their safety, health, welfare, convenience, and prosperity, and as the operation and maintenance of the project by the Authority will constitute the performance of essential governmental functions, the Authority shall not be required to pay any taxes or assessments upon the project or any property acquired or used by the Authority under the provisions of this chapter or upon the income therefrom, including sales and use taxes on tangible personal property used in and about a marine terminal under the supervision of the Virginia Port Authority for handling cargo, merchandise, freight, and equipment; nor shall the agents, lessees, sublessees, or users of tangible personal property owned by or leased to the Authority be required to pay any sales or use tax upon such property or the revenue derived therefrom; and the bonds, notes, certificates, or other evidences of debt issued under the provisions of this chapter, their transfer and the income therefrom including any profit made on the sale thereof, shall be exempt from taxation by the Commonwealth and by any municipality, county, or other political subdivision thereof. The exemption from the retail sales and use tax shall apply to property acquired or used by the Authority, or by a nonstock, nonprofit corporation that operates a marine terminal or terminals solely on behalf of the Authority. Service charge payments to any city, county, or town authorized pursuant to subsection D of § 58.1-3403 shall be paid from the general fund. Service charge payments to any county, city, or town authorized pursuant to subsection B of § 58.1-3403 shall be paid by the Authority.
Code 1950, § 62-106.17; 1954, c. 667; 1968, c. 659; 1974, c. 546; 1990, c. 694; 2000, c. 737; 2005, c. 581.
Structure Code of Virginia
Title 62.1 - Waters of the State, Ports and Harbors
Chapter 10 - Virginia Port Authority
§ 62.1-129. Board of Commissioners; members and officers; Executive Director; agents and employees
§ 62.1-129.1. Employees; employment; personnel rules; health insurance; retirement plans
§ 62.1-129.2. Trust for postemployment benefits authorized; administration
§ 62.1-130. Powers and duties of Executive Director
§ 62.1-131. Office and branch offices; title to property
§ 62.1-132. Local authorities subordinate to Authority
§ 62.1-132.2. Bylaws and organization
§ 62.1-132.3. Stimulation of commerce
§ 62.1-132.3:1. Port Opportunity Fund
§ 62.1-132.3:2. Port of Virginia Economic and Infrastructure Development Grant Fund and Program
§ 62.1-132.3:3. Virginia Waterway Maintenance Fund
§ 62.1-132.3:4. Virginia Waterway Maintenance Grant Program
§ 62.1-132.4. Rates and rate structures
§ 62.1-132.7. Employment of personnel and legal counsel
§ 62.1-132.8. Consolidation of terminal operations
§ 62.1-132.9. Foreign trade zones
§ 62.1-132.10. Publications of Authority
§ 62.1-132.11. Police powers; penalties
§ 62.1-132.11:1. Prevention and suppression of fire
§ 62.1-132.12. Employment, jurisdiction, and power of special police officers
§ 62.1-132.12:1. Agreements with private terminal operators
§ 62.1-132.13. Cooperation with federal agencies
§ 62.1-132.14. Agreement of local cooperation with Corps of Engineers
§ 62.1-132.15. Grants and loans from federal agencies
§ 62.1-132.16. Fees and charges
§ 62.1-132.17. Grants of funds and property
§ 62.1-132.18. Acquisition of property
§ 62.1-132.19. Acquisition and lease of property
§ 62.1-132.20. Craney Island Disposal Area
§ 62.1-134.1. Expediting shipment of coal
§ 62.1-136. Power of eminent domain
§ 62.1-138. Powers of State Corporation Commission not affected
§ 62.1-139. Forms of accounts and records; annual report
§ 62.1-143. Proceeds of bonds and revenues held in trust for certain purposes
§ 62.1-144. Remedies of bondholders and trustee
§ 62.1-145. Exercise of powers constitutes governmental functions; exemption from taxation
§ 62.1-146. Bonds as legal investments
§ 62.1-147.1. Legalization of prior actions
§ 62.1-147.1:1. Exemption of Authority from certain technology procedures