A. Every insurance company and nonstock corporation licensed pursuant to Chapters 42 and 45 of Title 38.2 subject to the state license tax imposed by § 58.1-2501 shall make a declaration of estimated tax if the tax imposed by this chapter, for the license year, measured by direct gross premium income, can reasonably be expected to exceed $3,000.
Such declaration shall contain such pertinent information as the Department may by forms or guidelines prescribe.
B. Any such insurance company or nonstock corporation with a taxable year of less than 12 months shall make a declaration in accordance with guidelines prescribed by the Department.
Code 1950, § 58-502.2; 1968, c. 13; 1978, c. 4; 1984, c. 675; 1987, cc. 565, 655; 2011, c. 850.
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