                                 CODE OF VIRGINIA

GIFTS AND BEQUESTS; EXEMPTION FROM TAXATION (§ 23.1-3228)

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: 2016, c. 588; 2022, c. 437.