§ 38.2-409. Installment payment of estimated assessment
A. The amount of estimated assessment, as defined in subsection B of § 38.2-407 for which a declaration is required under § 38.2-407 shall be paid in installments as follows:
1. If the declaration is required to be filed by April 15 of the assessable year, twenty-five percent of the estimated assessment shall be paid on April, June, September and December 15 respectively of the assessable year.
2. If the declaration is required to be filed by June 15 of the assessable year, one-third of the estimated assessment shall be paid on June, September and December 15 respectively of the assessable year.
3. If the declaration is required to be filed by September 15 of the assessable year, one-half of the estimated assessment shall be paid on September and December 15 respectively of the assessable year.
4. If the declaration is required to be filed by December 15 of the assessable year, 100 percent of the estimated assessment shall be paid on the same date the declaration is filed.
B. A declaration is timely filed if it is filed on or before the date prescribed by subsection A of § 38.2-408. The timeliness of filing shall be determined without regard to any extension of time for filing the declaration.
C. If the declaration is filed after the time prescribed in subsection A of § 38.2-408, determined without regard to any extension of time for filing the declaration, all estimated assessment installments shall be paid at the time of the filing which would have been payable on or before that time if the declaration had been filed within the prescribed time. The remaining installments shall be paid at the times and in the amounts that would have been payable if the declaration had been filed within the time prescribed.
D. If any amendment of a declaration is filed, the amount of each remaining installment shall be the amount of the last installment due subject to the following adjustment. Each installment shall be increased or decreased by the amount computed by dividing (i) the difference between the current amount of estimated assessment and the amended amount of estimated assessment by (ii) the number of installments remaining to be paid.
E. The Commission shall determine the application of this section to assessable years of less than twelve months.
F. A company may prepay any installment of the estimated assessment.
G. Payment of the estimated assessment or any installment thereof shall be considered payment on account of the assessment imposed by this chapter for the license year.
H. The Commission may grant a reasonable extension of time for (i) payment of estimated assessment, or any installment or (ii) filing any declaration pursuant to this chapter, on condition that interest shall be paid on the amount involved at the rate of three-quarters of one percent per month or fraction thereof from the time the payment was due until the time of payment. Whenever a company, without having been granted an extension, fails to make payment of the estimated assessment or any installment, or fails to file any declaration as required by this chapter, it shall pay interest on the amount involved at the rate of one percent per month or fraction thereof from the time payment was due until the time of payment.
(1977, c. 317, § 38.1-48.4; 1986, c. 562.)
Sections: Previous 38.2-401.1 38.2-402 38.2-403 38.2-404 38.2-405 38.2-406 38.2-407 38.2-408 38.2-409 38.2-410 38.2-411 38.2-412 38.2-413 38.2-414 38.2-415 NextLast modified: April 16, 2009