§ 23.1-3228 Gifts and bequests; exemption from taxation
Gifts and bequests of money, securities, or other property to the Fund, and the interest or income from such gifts and bequests, are gifts to the Commonwealth, and the Fund is exempt from all state and local taxes. Unless otherwise restricted by the terms of the gift or bequest, the Commission may sell, exchange, or otherwise dispose of such gifts and bequests. The proceeds from such transactions shall be deposited to the credit of the Fund. The Commission shall not actively solicit private donations for the Fund; however, this limitation shall not prevent the Commission from actively encouraging financial support for the Commission through the special license plate and income tax checkoff programs. Notwithstanding any other provision of this section, the Commission may accept and solicit public and private contributions for the limited purpose of assisting nonprofit arts and cultural institutions and organizations in the Commonwealth to enhance the fiscal stability, financial management, and fundraising abilities of such organizations.
History
This law was first created in 2016. The record of its establishment is cataloged in chapter 588 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. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2022, chapter 437.
2016, c. 588; 2022, c. 437.