The license tax on a company commencing business in the Commonwealth shall be measured by an estimate of direct gross premium income reasonably expected to be derived from such business in the Commonwealth from the time of commencing business to December 31 following. Every estimate made under this section shall be subject to review by the Department after the close of the year for which the estimate is made and, if there is any variance between the estimate and the actual direct gross premium income, the Department shall issue a refund or provide notice of the assessment of additional license tax depending on whether such estimate was in excess of or less than the actual direct gross premium income of such company for such year.
Code 1950, § 58-488; 1952, c. 190; 1968, c. 13; 1984, c. 675; 2011, c. 850; 2013, cc. 29, 163.
Structure Code of Virginia
Chapter 25 - License Tax on Certain Insurance Companies
§ 58.1-2501. Levy of license tax
§ 58.1-2501.1. Premium tax; travel insurance
§ 58.1-2502. Exemptions and exclusions
§ 58.1-2504. Companies commencing business
§ 58.1-2505. Amount of license tax for company commencing business
§ 58.1-2506. Reports to the Department
§ 58.1-2508. Taxes applicable to insurance companies
§ 58.1-2509. Certain other provisions not affected by chapter
§ 58.1-2510. Tax credit for retaliatory costs paid to other states
§ 58.1-2520. Requirement of declaration
§ 58.1-2521. Time for filing declarations of estimated tax
§ 58.1-2522. Amendments to declaration
§ 58.1-2523. Payment of estimated tax
§ 58.1-2524. Payments are on account of tax for license year
§ 58.1-2525. Extensions of time
§ 58.1-2526. Where declarations filed and how payments made; refunding overpayments
§ 58.1-2527. Failure to pay estimated tax
§ 58.1-2528. Exception to § 58.1-2527
§ 58.1-2530. Double taxation respecting same direct gross premium income negated
§ 58.1-2531. Distribution of certain revenue