HB 208 Tax exempt property.
Harry J. Parrish | all patrons    ...    notes
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Tax exempt property. Allows leased tax exempt property to maintain its tax exempt status when rent from the property is applied to reduce the principal of a loan against the property, if the loan is held by a political subdivision of the Commonwealth and the lessee is a 501 (c) (3) entity using the property exclusively for charitable purposes. Currently, property loses its tax exempt status if it is leased or is a source of revenue or profit. This measure overturns the Virginia Supreme Court's holding in City of Newport News v. Warwick County that the reduction of indebtedness against property by payment of principal of a loan out of earnings from the property is profit.

Full text:
01/10/96  House: Presented & ordered printed 967198396  pdf

01/10/96  House: Presented & ordered printed 967198396
01/10/96  House: Referred to Committee on Finance
01/16/96  House: Assigned to Finance sub-committee: 1
02/09/96  House: Continued to 1997 in Finance (22-Y 0-N)