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1998 SESSION

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982763713
SENATE BILL NO. 12 Offered January 14, 1998 Prefiled December 15, 1997 A BILL to amend the Code of Virginia by adding a section numbered 58.1-3650.749, designating certain organizations to be exempt from property taxation. ---------- Patron-- Miller, K.G. ---------- 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 58.1-3650.749 as follows:

§ 58.1-3650.749. Property of Shen-Paco Industries, Inc.

A. Shen-Paco Industries, Inc., a nonprofit organization, is hereby designated as a charitable organization within the context of Section 6(a)(6) of Article X of the Constitution of Virginia.

B. Real property located in Page County, owned by Shen-Paco Industries, Inc., and used by it exclusively for charitable purposes on a nonprofit basis as set forth in subsection A of this section, is hereby determined to be exempt from local taxation.