Virginia Code 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.
Terms Used In Virginia Code 23.1-3228
- Bequest: Property gifted by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245