CHAPTER 403

An Act to amend and reenact §§ 58-157 and 58-164 of the Code of Vir-
ginia, relating to what estates inheritance taxes are applicable. 9
[S 425]

Approved April 2, 1968

Be it enacted by the General Assembly of Virginia:

1. That §§ 58-157 and 58-164 of the Code of Virginia be amended and
reenacted as follows:

§ 58-157. To what estates provisions applicable——The provisions of
the five preceding sections shall apply to the estate of every person who
shall die after June twenty-first, nineteen hundred and forty and to all
estates created by will which shall vest in interest on or after such date;
and the provisions of such sections shall apply to all estates of deceased
persons which shall come into possession of beneficiaries by the exercise
or relinquishment of powers after such date; provided, however, that the
provision of such sections shall not apply to the estates of deceased per-
sons dying on or after January one, nineteen hundred sixty-eight, which
shall come into possession of beneficiaries by the relinquishment, or fatl-
ure to exercise by the decedent during life or at death, of a power to
appoint to persons other than the decedent, his creditors, his estate or
the creditors of his estate, the income or corpus of a trust, if the trust
was created by a person other than the decedent who was not a resident
of this State at the time of its creation or thereafter, none of the assets of
the trust at the time of its creation or thereafter were physically located
in this State and no trustee of the trust at the time of its creation or
thereafter was an individual resident of this State or a corporation or
an association authorized to do a trust business in this State.

§ 58-164. Estates to which this chapter shall apply.—Except as
otherwise specifically provided, the provisions of this chapter shall apply
to the estate of every person who shall have died or shall die after Feb-
ruary twenty-six, nineteen hundred and twenty-six, and to all estates
created by will which shall vest in interest on or after such date; and the
provisions of this chapter shall apply to all estates of deceased persons
which shall come into possession of beneficiaries by the exercise of re-
yn of powers after such date, except as otherwise provided in

58-157.