{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1047.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1047.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1047.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1047.html"}],"law_id":81750,"edition_id":1,"section_id":81750,"structure_id":15312,"section_number":"64.2-1047","catch_line":"Special tax benefits; other rules","history":"2022, c. 354.","full_text":"A\n\nA unitrust policy may:1\n\nProvide methods and standards for:\n\t\t\t\ta. Determining the timing of distributions;\n\t\t\t\tb. Making distributions in cash or in kind or partly in cash and partly in kind; or\n\t\t\t\tc. Correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating the unitrust amount;2\n\nSpecify sources and the order of sources, including categories of income for federal income tax purposes, from which distributions of a unitrust amount are paid; or3\n\nProvide other standards and rules the fiduciary determines serve the interests of the beneficiaries.B\n\nIf a trust qualifies for a special tax benefit or a fiduciary is not an independent person:1\n\nThe unitrust rate established under § 64.2-1044 may not be less than three percent or more than five percent;2\n\nThe only provisions of § 64.2-1045 that apply are subsection A and subdivisions B 1, B 4, B 5 a, and B 9 of § 64.2-1045;3\n\nThe only period that may be used under § 64.2-1046 is a calendar year under subdivision A 1 of § 64.2-1046; and4\n\nThe only other provisions of § 64.2-1046 that apply are subdivisions B 2 a and B 3 of § 64.2-1046.","order_by":null,"text":{"0":{"id":292852,"text":"A unitrust policy may:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":292853,"text":"Provide methods and standards for:\n\t\t\t\ta. Determining the timing of distributions;\n\t\t\t\tb. Making distributions in cash or in kind or partly in cash and partly in kind; or\n\t\t\t\tc. Correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating the unitrust amount;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":292854,"text":"Specify sources and the order of sources, including categories of income for federal income tax purposes, from which distributions of a unitrust amount are paid; or","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":292855,"text":"Provide other standards and rules the fiduciary determines serve the interests of the beneficiaries.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":292856,"text":"If a trust qualifies for a special tax benefit or a fiduciary is not an independent person:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3","next_prefix":"B1"},"5":{"id":292857,"text":"The unitrust rate established under § 64.2-1044 may not be less than three percent or more than five percent;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"6":{"id":292858,"text":"The only provisions of § 64.2-1045 that apply are subsection A and subdivisions B 1, B 4, B 5 a, and B 9 of § 64.2-1045;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"7":{"id":292859,"text":"The only period that may be used under § 64.2-1046 is a calendar year under subdivision A 1 of § 64.2-1046; and","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"8":{"id":292860,"text":"The only other provisions of § 64.2-1046 that apply are subdivisions B 2 a and B 3 of § 64.2-1046.","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3"}},"ancestry":[{"id":15312,"edition_id":1,"name":"Unitrust","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":13478,"metadata":{},"date_created":"2026-06-26 03:53:52","date_modified":"2026-06-26 03:53:52","permalink":{"id":273907,"object_type":"structure","relational_id":15312,"identifier":"3","token":"64.2\/III\/10.1\/3","url":"\/64.2\/III\/10.1\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13478,"edition_id":1,"name":"Uniform Fiduciary Income And Principal Act","identifier":"10.1","label":"chapter","depth":3,"order_by":1,"parent_id":12724,"metadata":{},"date_created":"2026-06-26 03:44:58","date_modified":"2026-06-26 03:44:58","permalink":{"id":273863,"object_type":"structure","relational_id":13478,"identifier":"10.1","token":"64.2\/III\/10.1","url":"\/64.2\/III\/10.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12724,"edition_id":1,"name":"Trusts","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12723,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":273811,"object_type":"structure","relational_id":12724,"identifier":"III","token":"64.2\/III","url":"\/64.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12723,"edition_id":1,"name":"Wills, Trusts, and Fiduciaries","identifier":"64.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":272781,"object_type":"structure","relational_id":12723,"identifier":"64.2","token":"64.2","url":"\/64.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":58297,"structure_id":15312,"section_number":"64.2-1039","catch_line":"Definitions","url":"\/64.2-1039\/","token":"64.2\/III\/10.1\/3\/64.2-1039","metadata":false},{"id":63403,"structure_id":15312,"section_number":"64.2-1040","catch_line":"Application; duties and remedies","url":"\/64.2-1040\/","token":"64.2\/III\/10.1\/3\/64.2-1040","metadata":false},{"id":74484,"structure_id":15312,"section_number":"64.2-1041","catch_line":"Authority of fiduciary","url":"\/64.2-1041\/","token":"64.2\/III\/10.1\/3\/64.2-1041","metadata":false},{"id":72707,"structure_id":15312,"section_number":"64.2-1042","catch_line":"Notice","url":"\/64.2-1042\/","token":"64.2\/III\/10.1\/3\/64.2-1042","metadata":false},{"id":76075,"structure_id":15312,"section_number":"64.2-1043","catch_line":"Unitrust policy","url":"\/64.2-1043\/","token":"64.2\/III\/10.1\/3\/64.2-1043","metadata":false},{"id":67457,"structure_id":15312,"section_number":"64.2-1044","catch_line":"Unitrust rate","url":"\/64.2-1044\/","token":"64.2\/III\/10.1\/3\/64.2-1044","metadata":false},{"id":72430,"structure_id":15312,"section_number":"64.2-1045","catch_line":"Applicable value","url":"\/64.2-1045\/","token":"64.2\/III\/10.1\/3\/64.2-1045","metadata":false},{"id":66259,"structure_id":15312,"section_number":"64.2-1046","catch_line":"Period","url":"\/64.2-1046\/","token":"64.2\/III\/10.1\/3\/64.2-1046","metadata":false},{"id":81750,"structure_id":15312,"section_number":"64.2-1047","catch_line":"Special tax benefits; other rules","url":"\/64.2-1047\/","token":"64.2\/III\/10.1\/3\/64.2-1047","metadata":false}],"previous_section":{"id":66259,"structure_id":15312,"section_number":"64.2-1046","catch_line":"Period","url":"\/64.2-1046\/","token":"64.2\/III\/10.1\/3\/64.2-1046","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1047\/","history_text":"

This law was first created in 2022. The record of its establishment is cataloged in chapter 354<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":58297,"section_number":"64.2-1039","catch_line":"Definitions","order_by":null,"url":"\/64.2-1039\/"},{"id":76075,"section_number":"64.2-1043","catch_line":"Unitrust policy","order_by":null,"url":"\/64.2-1043\/"},{"id":67457,"section_number":"64.2-1044","catch_line":"Unitrust rate","order_by":null,"url":"\/64.2-1044\/"},{"id":72430,"section_number":"64.2-1045","catch_line":"Applicable value","order_by":null,"url":"\/64.2-1045\/"},{"id":66259,"section_number":"64.2-1046","catch_line":"Period","order_by":null,"url":"\/64.2-1046\/"}],"refers_to":[{"id":67457,"section_number":"64.2-1044","catch_line":"Unitrust rate","order_by":null,"url":"\/64.2-1044\/"},{"id":72430,"section_number":"64.2-1045","catch_line":"Applicable value","order_by":null,"url":"\/64.2-1045\/"},{"id":66259,"section_number":"64.2-1046","catch_line":"Period","order_by":null,"url":"\/64.2-1046\/"}],"permalink":{"id":273941,"object_type":"law","relational_id":81750,"identifier":"64.2-1047","token":"64.2\/III\/10.1\/3\/64.2-1047","url":"\/64.2-1047\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1047\/","token":"64.2\/III\/10.1\/3\/64.2-1047","dublin_core":{"Title":"Special tax benefits; other rules","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1047","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A unitrust policy<\/span> may: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Provide methods and standards for:\n\t\t\t\ta. Determining the timing of distributions<\/span>;\n\t\t\t\tb. Making distributions<\/span> in cash or in kind or partly in cash and partly in kind; or\n\t\t\t\tc. Correcting an underpayment or overpayment to a beneficiary based on the unitrust amount<\/span> if there is an error in calculating the unitrust amount<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Specify sources and the order<\/span> of sources, including categories of income<\/span> for federal income<\/span> tax purposes, from which distributions<\/span> of a unitrust amount<\/span> are paid; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Provide other standards and rules the fiduciary<\/span> determines serve the interests of the beneficiaries. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If a trust<\/span> qualifies for a special tax benefit or a fiduciary<\/span> is not an independent person<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The unitrust rate<\/span> established under § 64.2-1044<\/a> may not be less than three percent or more than five percent; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The only provisions of § 64.2-1045<\/a> that apply are subsection A and subdivisions B 1, B 4, B 5 a, and B 9 of § 64.2-1045<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The only period that may be used under § 64.2-1046<\/a> is a calendar year under subdivision A 1 of § 64.2-1046<\/a>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The only other provisions of § 64.2-1046<\/a> that apply are subdivisions B 2 a and B 3 of § 64.2-1046<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSPECIAL TAX BENEFITS; OTHER RULES (\u00a7 64.2-1047)\n\nA. A unitrust policy may:\n\n 1. Provide methods and standards for:\n \t\t\t\ta. Determining the timing of distributions;\n \t\t\t\tb. Making distributions in cash or in kind or partly in cash and partly in\n kind; or\n \t\t\t\tc. Correcting an underpayment or overpayment to a beneficiary based on the\n unitrust amount if there is an error in calculating the unitrust amount;\n\n 2. Specify sources and the order of sources, including categories of income\n for federal income tax purposes, from which distributions of a unitrust amount\n are paid; or\n\n 3. Provide other standards and rules the fiduciary determines serve the\n interests of the beneficiaries.\n\nB. If a trust qualifies for a special tax benefit or a fiduciary is not an\nindependent person:\n\n 1. The unitrust rate established under § 64.2-1044 may not be less than\n three percent or more than five percent;\n\n 2. The only provisions of § 64.2-1045 that apply are subsection A and\n subdivisions B 1, B 4, B 5 a, and B 9 of § 64.2-1045;\n\n 3. The only period that may be used under § 64.2-1046 is a calendar year\n under subdivision A 1 of § 64.2-1046; and\n\n 4. The only other provisions of § 64.2-1046 that apply are subdivisions B\n 2 a and B 3 of § 64.2-1046.\n\nHISTORY: 2022, c. 354.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}