Chap. 488.—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%4, prescribing
a minimum amount of taxes to be imposed by the Commonwealth of Vir-
ginia upon the transfer at death of the estate of resident decedents, and
prescribing that such minimum tax shall not be less than the amount of
credit allowed by the Federal Government upon the federal estate tax on
account of taxes paid to the State, and providing that real estate within the
jurisdiction of this Commonwealth belonging to non-resident decedents shall
be taxed under the provisions of section 4444 of the tax bill. And, pro-
viding for the appointment of inheritance tax commissioners. [S B 317]

Approved March 25, 1926.

Whereas, it is not the purpose or policy of the general assembly of
Virginia to increase the total amount of inheritance taxes payable
upon the estates of decedents within this Commonwealth, and

Whereas, the federal government by act approved February
twenty-sixth, nineteen hundred and twenty-six, known as the revenue
act of nineteen hundred and twenty-six, provides that the estate tax
imposed thereby shall be credited with the amount of any estate, in-
heritance, legacy or succession taxes actually paid to any State or
territory or the District of Columbia, in respect of any property in-
cluded in the gross estate of any decedent taxable thereunder, but
that such credit shall not exceed eighty per centum of the tax imposed
by the said act and shall include only such taxes as are actually paid
to such State, territory or the District of Columbia, and

Whereas, the present state of the treasury of this Commonwealth,
and the public free schools of this Commonwealth, render it advisable
that full advantage be taken of the credit allowed by such federal
statute which will in no wise increase the amount of inheritance taxes
payable by citizens of the Commonwealth, now, therefore

1. 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 a quarter,
which section shall read as follows:

Section 4414. Minimum tax upon the transfer at death of the
estates of resident decedents.

Sub-section 1. The minimum tax imposed and collectible by this
Commonwealth upon the transfer at death of the estates of resident
decedents shall in no case be less than the credit allowed by the act of
congress, approved February twenty-sixth, nineteen hundred and
twenty-six, known as the revenue act of nineteen hundred and twenty-
six, which credit is allowed by the said act on account of estate, 1n-
heritance, legacy or succession taxes actually paid to any State or
territory or the District of Columbia in respect of any property in-
cluded in the gross estate. Such minimum inheritance tax imposed
by this State, which is hereby imposed by this act, shall, in no case be
less than eighty per centum of the tax imposed by the said act of
congress, the rates contained in the said act of congress being as
follows:

One per centum of the amount of the net estate not in excess of
hftyv thousand dollars;
Two per centum of the amount by which the net estate exceeds
nity thousand dollars and does not exceed one hundred thousand

ollars;

Three per centum of the amount by which the net estate exceeds
one hundred thousand dollars and does not exceed two hundred
thousand dollars;

Four per centum of the amount by which the net estate exceeds
two hundred thousand dollars and does not exceed four hundred
thousand dollars;

Five per centum of the amount by which the net estate exceeds
four hundred thousand dollars and does not exceed six hundred
thousand dollars;

Six per centum of the amount by which the net estate exceeds six
hundred thousand dollars and does not exceed eight hundred thousand

ollars;

Seven per centum of the amount by which the net estate exceeds
eign hundred thousand dollars and does not exceed one million

ollars;

Eight per centum of the amount by which the net estate exceeds
one million dollars and does not exceed one million five hundred
thousand dollars;

Nine per centum of the amount by which the net estate exceeds
one million five hundred thousand dollars and does not exceed two
million dollars;

Ten per centum of the amount by which the net estate exceeds two
million dollars and does not exceed two million five hundred thousand
dollars; :

Eleven per centum of the amount by which the net estate exceeds
two million five hundred thousand dollars and does not exceed three
million dollars;

Twelve per centum of the amount by which the net estate exceeds
three million dollars and does not exceed three million five hundred
thousand dollars;

Thirteen per centum of the amount by which the net estate ex-
ceeds three million five hundred thousand dollars and does not exceed
four million dollars;

Fourteen per centum of the amount by which the net estate ex-
ceeds four million dollars and does not exceed five million dollars;

Fifteen per centum of the amount by which the net estate exceeds
five million dollars and does not exceed six million dollars;

Sixteen per centum of the amount by which the net estate exceeds
six million dollars and does not exceed seven million dollars;

Seventeen per centum of the amdunt by which the net estate ex-
ceeds seven million dollars and does not exceed eight million dollars;

Eighteen per centum of the amount by which the net estate ex-
ceeds eight million dollars and does not exceed nine million dollars;

Nineteen per centum of the amount by which the net estate ex-
ceeds nine million dollars and does not exceed ten million dollars;

Twenty per centum of the amount by which the net estate exceeds
ten million dollars.
Sub-section 2. Method of determining net estate.—The rules and
regulations for determining the amount of the net estate upon which
the tax imposed by this Commonwealth, as aforesaid, shall be based,
shall be the same rules and regulations adopted by the commissioner
of internal revenue for determining the net estate under the act of
congress, known as the revenue act of nineteen hundred and twenty-
SIX,

Sub-section 3. Transfer tax upon real estate belonging to the
estate of non-resident decedents.—The tax upon the transfer at death
of real estate within the jurisdiction of the Commonwealth of Virginia
belonging to the estate of a non-resident decedent shall be computed
in accordance with the provisions of section forty-four and one-half of
the tax bill, imposing a tax upon the transfer at death of the estate of
non-residents. The rate of such tax shall be two per centum of its
actual value at the time of death of the decedent, to be assessed and
collected by the auditor of public accounts in the same manner as the
tax upon the personal estate of a non-resident decedent in conformity
with the provisions of the said section.

Sub-section 4. Estates-to which this act shall apply.—The pro-
visions of this act shall apply to the estate of every person who shall
die on or after February twenty-sixth, nineteen hundred and twenty-
six, and to all estates created by will which shall vest in interest on or
after said date, and the provisions of this act shall apply to all estates
of deceased persons which shall come into possession of beneficiaries
by the exercise of relinquishment of powers on and after February
twenty-six, nineteen hundred and twenty-six.

Sub-section 5. After this act becomes effective no inheritance
tax commissioner shall be designated by the courts, as provided by
sub-section eight of section forty-four of the tax bill, as amended, and
the duties of such inheritance tax commissioners heretofore designated
by the courts shall cease. Hereafter for the purpose of ascertaining
the tax due upon the estates of resident decedents, the State tax com-
mission shall designate some person to act as inheritance tax com-
missioner for each county and each city of the Commonwealth to
serve at the pleasure of the commission. Such inheritance tax com-
missioners shall discharge all the duties imposed by law upon inheri-
tance tax commissioners, and also such other duties as the State tax
commission or the auditor of public accounts may prescribe. They
shall receive such compensation for their services as is fixed by law for
the compensation of inheritance tax commissioners.

Sub-section 6. In every case where the tax imposed by section
forty-four of the tax bill, as amended, is greater than the tax imposed
hereunder, this act shall not apply. In every case where the tax im-
posed by the terms of this act is greater than the taxes imposed by
section forty-four of the tax bill, as amended, this act shall apply and
such tax so imposed shall be in lien of the tax imposed by section forty-
four of the tax bill as amended.

None of the provisions of this act shall be construed to repeal any
of the provisions of section forty-four of the tax bill, as amended, save
only the provisions of sub-section eight thereof relating to the appoint-
ment of inheritance tax commissioners.