Chap. 483.—An ACT to amend and re-enact the Tax bill, as heretofore

amended, by adding thereto a new section to be known as section 44%,

concerning the tax upon the transfer at death of personal property and real

estate within the jurisdiction of this State belonging to the estate of non-

resident decedents. ([S B 319]
Approved March 25, 1926.

Be it enacted by the general assembly of Virginia, That the tax
bill, as heretofore amended, be amended and re-enacted by adding
thereto a new section to be known as section forty-four and three
quarters, which section shall read as follows:

Section 4434. Tax upon transfer at death of the personal prop-
erty and real estate of non-resident decedents.

Sub-section 1. The tax of two per centum of its actual value im-
posed by section forty-four and one-half of the tax bill, as amended,
shall apply to all personal property and real estate within the juris-
diction of this State and any interest therein belonging to persons
whose domicile is without the State, except that such tax shall not
apply to money on deposit in any incorporation, bank, trust company
or other similar institution in this State if such deposit be owned by
the estate of a non-resident, nor to the obligations of municipal cor-
porations or other sub-divisions of this State, and nothing contained
in section forty-four and one-half of the tax bill shall be construed to
impose any tax upon the transfer of property, which, by section
twenty three hundred and eight of the Code of Virginia, is declared
not have a situs in this State for taxation; nor shall such tax be im-
posed in cases where the estate of a decedent is administered under
the laws of this State, and, before the share of a legatee or distributee
thereof is paid over or delivered, such legatee or distributee, being a
non-resident, dies, then the share or interest of such non-resident
beneficiary shall not be subject to the tax imposed by this act.

Sub-section 2. No deductions shall be allowed from the value of
any property taxable thereunder on account of indebtedness, either
secured or unsecured, except that where the sole ground of jurisdiction
by this Commonwealth over any personal property is that such per-
sonal property is held within this State as collateral or security for a
loan, the tax herein provided shall be assessed only upon the amount
by which the value of such property exceeds the loan secured thereby.

Sub-section 3. An emergency existing, this act shall be in force
from its passage.