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1996 SESSION

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HB 208 Tax exempt property.

Introduced by: Harry J. Parrish | all patrons    ...    notes | add to my profiles

SUMMARY:

Tax exempt property. Allows leased tax exempt property to maintain its tax exempt status when rent from the property is applied to reduce the principal of a loan against the property, if the loan is held by a political subdivision of the Commonwealth and the lessee is a § 501 (c) (3) entity using the property exclusively for charitable purposes. Currently, property loses its tax exempt status if it is leased or is a source of revenue or profit. This measure overturns the Virginia Supreme Court's holding in City of Newport News v. Warwick County that the reduction of indebtedness against property by payment of principal of a loan out of earnings from the property is profit.


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