2011 Code of Virginia
Title 58.1 TAXATION.
Chapter 25 License Tax on Certain Insurance Companies (58.1-2500 thru 58.1-2533)
58.1-2505 (Effective for taxable years commencing before January 1, 2013) Amount of license tax for company c...
58.1-2505. (Effective for taxable years commencing before January 1, 2013) 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.)
58.1-2505. (Effective for the taxable year commencing on or after January 1, 2013) 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 Department 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 Department 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; 2011, c. 850.)
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