Code of Virginia § 10.1-1024. Gifts and bequests to Foundation.
61 words·~1 min read·
/va/title-10-1/chapter-10-2/10-1-1024·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Gifts, devises and bequests of money, securities and other assets accepted by the Foundation, whether personal or real property, shall be deemed to be gifts to the Commonwealth, which shall be exempt from all state and local taxes and shall be regarded as property of the Commonwealth for the purposes of all tax laws.
1992, c. 426; 2000, c. 1053 .