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1997 SESSION

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975665719
SENATE BILL NO. 719 Offered January 8, 1997 A BILL to amend the Code of Virginia by adding a section numbered 58.1-3650.695, designating certain organizations to be exempt from property taxation. ---------- Patrons-- Newman and Edwards; Delegate: Putney ---------- Referred to the Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 58.1-3650.695 as follows:

§ 58.1-3650.695. Property of the Sedalia Center, Inc.

A. The Sedalia Center, Inc., a nonprofit organization, is hereby designated as a cultural organization within the context of Section 6(a)(6) of Article X of the Constitution of Virginia.

B. Real and personal property located in Bedford County, owned by the Sedalia Center, Inc., and used by it exclusively for cultural purposes on a nonprofit basis as set forth in subsection A of this section, is hereby determined to be exempt from local taxation.