                                 CODE OF VIRGINIA

EXEMPTIONS (§ 58.1-1404)

A. Any watercraft sold to or used by the United States or any of the
governmental agencies thereof or the Commonwealth of Virginia or any political
subdivision thereof or sold to an insurance company for the sole purpose of
disposition when such insurance company has paid the registered owner of such
watercraft on a total loss claim shall be exempt from the tax imposed by this
chapter.

B. Any person who was the owner of a watercraft that was not required to be
titled prior to January 1, 1998, shall apply for a title for such watercraft
without incurring liability for the tax imposed under this chapter.

C. Any watercraft constructed by a commercial waterman for his own use shall be
exempt from the tax imposed under this chapter.

D. Any registered dealer in watercraft shall be exempt from the tax imposed by
subdivisions 1 and 2 of &#xA7; 58.1-1402. Such dealer shall also be exempt from
titling requirements as provided in &#xA7; 29.1-733.6.

E. Any watercraft purchased by and for the use of a volunteer fire department or
volunteer emergency medical services agency not conducted for profit shall be
exempt from the tax imposed under this chapter.

F. Any watercraft transferred to trustees of a revocable inter vivos trust, when
the owners of the watercraft and the beneficiaries of the trust are the same
persons, regardless of whether other beneficiaries may also be named in the
trust instrument, or transferred by trustees of such a trust to beneficiaries of
the trust following the death of the grantor, when no consideration has passed
between the grantor and the beneficiaries in either case, shall be exempt from
the tax imposed under this chapter.

HISTORY: Code 1950, §§ 58-685.44 to 58-685.46; 1981, c. 405; 1984, c. 675;
1986, c. 545; 1988, c. 314; 1997, c. 877; 2000, c. 602; 2013, c. 787; 2015, cc.
502, 503.