West Virginia Code 31-15-17 – Exemption from taxation
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The exercise of the powers granted to the authority by this article will be in all respects for the benefit of the people of the state for the improvement of their health, safety, convenience and welfare and is a public purpose. As the operation and maintenance of projects financed under this article will constitute the performance of essential governmental functions, the authority shall not be required to pay any taxes or assessments upon any property acquired or used by the authority or upon the income therefrom. All bonds and notes of the authority, and all interest and income thereon, shall be exempt from all taxation by this state and any county, municipality, political subdivision or agency thereof, except inheritance taxes.
Terms Used In West Virginia Code 31-15-17
- Authority: means the West Virginia economic development authority. See West Virginia Code 31-15-4
- Bonds: means bonds or other debt instruments of the authority issued under this article, whether the interest thereon is taxable or tax-exempt for federal income tax purposes. See West Virginia Code 31-15-4
- County: means any county of this state. See West Virginia Code 31-15-4
- Municipality: means any city or town in this state. See West Virginia Code 31-15-4
- Notes: means any notes, including commercial paper, of the authority issued under this article whether the interest thereon is taxable or tax-exempt for federal income tax purposes. See West Virginia Code 31-15-4
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10