CHAPTER 350

An Act to amend and reenact § 58-158, as amended, of the Code of Vir-
ginia, relating to classification and exemptions of beneficiaries for
purposes of taxation of inheritances and rates of tax so as to increase
certain exemptions.
[S 180]

Approved March 14, 1956

Be it enacted by the General Assembly of Virginia:

1. That § 58-153, as amended, of the Code of Virginia be amended and
reenacted as follows:

§ 58-153. For the purposes of this chapter, the classification of bene-
ficiaries, their exemptions and the rates of taxation shall be as follows:

Class A. The father, mother, grandfathers, grandmothers, husband,
wife, children by blood or by legal adoption, stepchildren, grandchildren
and all other lineal ancestors and lineal descendants of the decedent shall
constitute class A.

So much of such property as has the actual value of five thousand
dollars and so passes to or for the use of any class A beneficiary shall
be exempt from taxation hereunder.

So much of such property as shall so pass to or for the use of a class
A beneficiary shall be subject: To a tax of one per centum of the actual
value of so much thereof as is in excess of five thousand dollars and is
not in excess of fifty thousand dollars; to a tax of two per centum upon
so much thereof as is in excess of fifty thousand dollars and is not in
excess of one hundred thousand dollars; to a tax of three per centum upon
so much thereof as is in excess of one hundred thousand dollars and is
not in excess of five hundred thousand dollars; to a tax of four per centum
upon so much thereof as is in excess of five hundred thousand dollars and
is not in excess of one million dollars; and to a tax of five per centum upon
all in excess of one million dollars.

Class B. The brothers, sisters, nephews and nieces of the whole or
half blood of the decedent shall constitute class B.

So much of such property as has the actual value of two thousand
dollars and so passes to or for the use of any class B beneficiary shall
be exempt from taxation hereunder.

So much of such property as shall so pass to or for the use of a class
B beneficiary shall be subject to a tax of two per centum of the actual
value of so much thereof as is in excess of two thousand dollars and is
not in excess of twenty-five thousand dollars; to a tax of four per centum
upon so much thereof as is in excess of twenty-five thousand dollars and
is not in excess of fifty thousand dollars; to a tax of six per centum upon
so much thereof as is in excess of fifty thousand dollars and is not in ex-
cess of one hundred thousand dollars; to a tax of eight per centum upon so
much thereof as is in excess of one hundred thousand dollars and is not
in excess of five hundred thousand dollars; and to a tax of ten per centum
upon all in excess of five hundred thousand dollars.

Class C. Grandnephews and grandnieces of the decedent and all
persons other than members of classes A and B and all firms, institutions,
associations and corporations shall constitute class C.

So much of such property as has the actual value of one thousand
dollars and so passes to or for the use of any class C beneficiary shall be
exempt from taxation hereunder.

So much of such property as shall so pass to or for the use of a class
C beneficiary shall be subject to a tax of five per centum of the actual
value of so much thereof as is in excess of one thousand dollars and is
not in excess of twenty-five thousand dollars; to a tax of seven per centum
upon so much thereof as is in excess of twenty-five thousand dollars and
is not in excess of fifty thousand dollars; to a tax of nine per centum
upon so much thereof as in excess of fifty thousand dollars and is not
406 ACTS OF ASSEMBLY [va., 1956

in excess of one hundred thousand dollars; to a tax of twelve per centum
upon so much thereof as is in excess of one hundred thousand dollars and
is not in excess of five hundred thousand dollars; and to a tax of fifteen
per centum upon all in excess of five hundred thousand dollars.

In the computation of the property passing to a beneficiary there shall
be excluded from such computation the value of any annuity or survivors
benefit payable under the Railroad Retirement Act of 1987 (45USCA
§ 228a et seq.) to such beneficiary.