Section 766. Innovative Technology Authority

The Innovative Technology Authority is exempt from the sales and use tax under § 9-262 of the Code of Virginia on all of its purchases, leases or rentals of tangible personal property. The application of the tax generally to political subdivisions such as the Innovative Technology Authority is set forth in 23VAC10-210-690 through 23VAC10-210-694. In addition, all tangible personal property purchased, leased or rented by a nonprofit college or university in conjunction with research sponsored, encouraged or inspired by the Innovative Technology Authority or the Center for Innovative Technology is exempt from the tax pursuant to 23VAC10-210-4020.

Effective July 1, 1986, tangible personal property withdrawn from inventory for donation to the Innovative Technology Authority, Center for Innovative Technology, or nonprofit colleges or universities is not taxable to the donor pursuant to § 58.1-609.8(5) of the Code of Virginia.

For additional information on the manufacturing exemptions, see 23VAC10-210-920; for the research exemption, see 23VAC10-210-3070 through 23VAC10-210-3074; for the "true object" test, see 23VAC10-210-4040.

Historical Notes

Derived from VR630-10-49.2 § 7, eff. March 15, 1987, retroactive to December 1, 1986.

Statutory Authority

§§ 58.1-203, 58.1-609.5(6) and 58.1-609.5(7) of the Code of Virginia.