Economic Status
The Virginia Port Authority is exempt from state and federal taxes, but as a result receives no money from the state’s General Fund. Port operations are paid for using revenue generated by port activities, predominantly trade. The Port Authority does, however, receive state transportation money for capital projects, for such things as new wharfs and cranes. The agency receives 4.2 percent of the Commonwealth Transportation Trust Fund, a fund that's generated by fuel taxes, vehicle sales and use taxes, and some sales taxes. Such revenue is invested in maintaining and improving the facilities and in marketing the port to potential clients.
Read more about this topic: Virginia Port Authority
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