2.2-2704 - Gifts and bequests; exemption from taxation.
§ 2.2-2704. Gifts and bequests; exemption from taxation.
Gifts and bequests of money, securities, or other property to the Fund, andthe interest or income therefrom, shall be deemed gifts to the Commonwealth,and the Fund shall be exempt from all state and local taxes. Unless otherwiserestricted by the terms of the gift or bequest, the Foundation may sell,exchange, or otherwise dispose of such gifts and bequests. The proceeds fromsuch transactions shall be deposited to the credit of the Fund. TheFoundation shall not actively solicit private donations for the Fund;however, this limitation shall not prevent the Foundation from activelyencouraging financial support for the Foundation through the special licenseplate and income tax checkoff programs. Notwithstanding any other provisionof this section, the Foundation may accept and solicit public and privatecontributions for the limited purpose of assisting Virginia not-for-profitarts and cultural institutions and organizations, to enhance the fiscalstability, financial management, and fundraising abilities of suchorganizations.
(1997, c. 878, § 9-84.09:3; 2001, c. 844; 2002, c. 260.)