§ 10.1-217 Gifts, devises and bequests
Gifts, devises or bequests, whether personal or real property, and the income derived therefrom, accepted by the Director, shall be deemed as gifts to the Commonwealth, which shall be exempt from all state and local taxes, and shall be regarded as the property of the Commonwealth for the purposes of all tax laws.
History
This law was first created in 1989. The record of its establishment is cataloged in chapter 553 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1989 “Acts” aren’t available online.
1989, c. 553.