§5D-1-14. Exemption from taxation


Published: 2015

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WEST VIRGINIA CODE











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WVC 5D-1-14

§5D-1-14. Exemption from taxation.

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 for the enhancement of their residential,

agricultural, recreational, economic, commercial and industrial

opportunities and is a public purpose. As the ownership, operation

and maintenance of natural gas transmission projects and electric

power projects and other energy projects owned and/or operated by

the authority will constitute the performance of essential

governmental functions, the authority shall not be required to pay

any taxes or assessments upon any such project or upon any property

acquired or used by the authority or upon the income therefrom.

Natural gas transmission projects and electric power projects and

other energy projects owned or leased by persons other than

governmental agencies shall be subject to any taxes or assessments

upon any such project or projects. Bonds issued by either the West

Virginia economic development authority or the authority and all

interest and income thereon shall be exempt from all taxation by

this state, or any county, municipality, political subdivision or

agency thereof, except inheritance taxes: Provided, That the

authority shall require a fee in substitution of any ad valorem tax

exemption to be negotiated by said authority.





Note: WV Code updated with legislation passed through the 2015 Regular Session

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