CHAPTER 208
An Act to amend and reenact the second enactment of Chapter 838 of the Acts of Assembly of 1978, relating to inheritance taxes on remainder interests.
Approved April 2, 1994
Be it enacted by the General Assembly of Virginia:
1. That the second enactment of Chapter 838 of the Acts of Assembly of 1978 is amended and reenacted as follows:
2. That the provisions of Chapter 5 of Title 58, consisting of sections
numbered 58-152 through 58-217.14, as were in effect on December 31,
1979, shall not be applicable to estates of decedents dying on or after
January one, nineteen hundred eighty 1, 1980; provided,
however, that inheritance taxes due with respect to estates of decedents
dying before January one, nineteen hundred eighty 1, 1980,
shall be assessed by the Department of Taxation pursuant to Chapter 5 of
Title 58 which shall continue in force until all such taxes have been fully
collected, but no inheritance taxes shall be imposed on any remainder
interest included in the taxable estate and subject to the tax imposed by
Chapter 9 of Title 58.1, consisting of sections numbered 58.1-900 through
58.1-938.
2. That the provisions of this act are declaratory of existing law.