§ 58.1-2504. Companies commencing business
A. The license tax on a company commencing business in the Commonwealth shall be paid to the Commission before the license is issued. If a payment is made in an amount subsequently found to be in error, the Commission shall, if an additional amount is due, notify the taxpayer of the additional amount due and the company shall pay such amount within fourteen days of the date of the notice, and, if an overpayment is made, order a refund as provided for in § 58.1-2505.
B. No license shall be issued for less than a year except to a company when it first commences business in the Commonwealth, in which case the initial license shall be issued for that part of the year from the date of the issuance of the license to June 30 following.
(Code 1950, §§ 58-487, 58-489; 1952, c. 190; 1968, c. 13; 1978, c. 4; 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 16, 2009