§ 58.1-2505. Amount of license tax for company commencing business
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 Commission after the close of the year for which the estimate is made and any variance between the estimate and the actual direct gross premium income shall be adjusted by the Commission by order of refund or 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.)
Sections: Previous 58.1-2500 58.1-2501 58.1-2502 58.1-2503 58.1-2504 58.1-2505 58.1-2506 58.1-2507 58.1-2508 58.1-2509 58.1-2510 58.1-2511 58.1-2520 58.1-2521 58.1-2522 NextLast modified: April 3, 2009