Virginia § 33.2-1506 - Exemption from taxation; exemption from Virginia Public Procurement Act
Full text of Virginia Code of Virginia § 33.2-1506 — Exemption from taxation; exemption from Virginia Public Procurement Act, with citation guidance and answers to common questions.
§ 33.2-1506. Exemption from taxation; exemption from Virginia Public Procurement Act
A. The Bank will be performing an essential governmental function in the exercise of the powers conferred upon it by this article. Accordingly, the Bank shall not be required to pay any taxes or assessments to the Commonwealth or its localities or any political subdivision thereof upon any capital, moneys or any property or upon any operations of the Bank or the income therefrom, or any taxes or assessments upon any project or any property or project obligation acquired by the Bank under the provisions of this article or upon the income therefrom.
B. The provisions of the Virginia Public Procurement Act (§ 2.2-4300 et seq.) shall not apply to the Bank in the exercise of any power conferred under this article.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 33.2-1506
What does Code of Virginia § 33.2-1506 cover?
Section 33.2-1506 ("Exemption from taxation; exemption from Virginia Public Procurement Act") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 33.2-1506?
A common citation format is "Code of Virginia § 33.2-1506" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 33.2-1506 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.