Code of Virginia - Title 58.1 Taxation - Chapter 25 License Tax On Certain Insurance Companies

58.1-2500 Definitions
As used in this chapter the term or phrase: "Commission" means the State Corporation Commission, which is responsible for the administration of this chapter. "Company" ...

58.1-2501 Levy of license tax
A. For the privilege of doing business in the Commonwealth, there is hereby levied on every insurance company defined in § 38.2-100 which issues policies ...

58.1-2502 Exemptions and exclusions
Nothing in this chapter shall be construed to require any tax, other than taxes imposed upon property and the license tax imposed by § 38.2-4127: ...

58.1-2503 When tax payable
The annual license tax shall be transmitted to the Commission on or before March 1 of each year for deposit into the state treasury. (Code ...

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 ...

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 ...

58.1-2506 Reports to the Commission
Every company subject to the provisions of this chapter shall, on or before March 1 of each year, report under oath to the Commission, upon ...

58.1-2507 Penalties for failure to make report or pay tax; revocation of license; recovery by suit
A. Every company failing to make the report required by § 58.1-2506 shall be fined $50 for each day's failure to make the report. B. ...

58.1-2508 Taxes applicable to insurance companies
A. The real estate and tangible personal property, situated or located in the Commonwealth, of every such company and every fraternal benefit society transacting insurance ...

58.1-2509 Certain other provisions not affected by chapter
Nothing in this chapter shall be construed to affect or apply to the law providing that the expenses of maintaining the division or bureau of ...

58.1-2510 Tax credit for retaliatory costs paid to other states
A. For license years beginning on and after July 1, 1998, every qualified company shall be allowed a credit against the tax imposed by § ...

58.1-2511 through 58.1-2519
Reserved. ...

58.1-2520 Requirement of declaration
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 ...

58.1-2521 Time for filing declarations of estimated tax
A. The declaration of estimated tax shall be filed as follows: If the requirements of subsection A of § 58.1-2520 are first met: 1. Before ...

58.1-2522 Amendments to declaration
An amendment of a declaration may be filed in any interval between installment dates prescribed for the taxable year, but only one amendment may be ...

58.1-2523 Payment of estimated tax
A. The amount of estimated tax with respect to which a declaration is required under § 58.1-2520 shall be paid in installments as follows: 1. ...

58.1-2524 Payments are on account of tax for license year
Payment of the estimated tax or any installment thereof shall be considered payment on account of the license tax imposed by this chapter for the ...

58.1-2525 Extensions of time
The Commission may grant a reasonable extension of time for payment of estimated tax, or any installment, or for filing any declaration pursuant to this ...

58.1-2526 Where declarations filed and how payments made; refunding overpayments
A. Every insurance company required by this article to file a declaration and make payment of the estimated tax shall file and pay the same ...

58.1-2527 Failure to pay estimated tax
A. In case of any underpayment of estimated tax by an insurance company, there shall be added to the tax for the license year interest ...

58.1-2528 Exception to { 58.1-2527
A. Notwithstanding the provisions of § 58.1-2527, the addition to the tax with respect to any underpayment of any installment shall not be imposed if ...

58.1-2529 Other provisions of this chapter not affected by this article; insurance companies going out of bus...
Nothing in this article shall be construed as affecting other provisions of this chapter except to the extent required to give this article full effect. ...

58.1-2530 Double taxation respecting same direct gross premium income negated
This chapter shall not be construed as requiring the inclusion in the base for measuring the tax imposed by this chapter for any year any ...

58.1-2531 Distribution of certain revenue.
A. Beginning with the Commonwealth's fiscal year beginning on July 1, 2008 and for each fiscal year thereafter, an amount equal to one-third of all ...