2011 Code of Virginia
Title 58.1 TAXATION.
Chapter 25 License Tax on Certain Insurance Companies (58.1-2500 thru 58.1-2533)
58.1-2525 (Effective for taxable years commencing before January 1, 2013) Extensions of time

58.1-2525. (Effective for taxable years commencing before January 1, 2013) 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 article, on condition that the taxpayer shall pay interest on the amount involved at the rate of three-fourths of one percent per month or fraction thereof from the time the payment was due until the time of payment. Whenever the taxpayer, without having been granted an extension, fails to make payment of estimated tax, or any installment, or file any declaration as required by this article, 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.

(Code 1950, 58-502.4; 1968, c. 13; 1972, c. 153; 1984, c. 675.)

58.1-2525. (Effective for the taxable year commencing on or after January 1, 2013) Extensions of time.

The Department may grant a reasonable extension of time for payment of estimated tax, or any installment, or for filing any declaration pursuant to this article, on condition that the taxpayer shall pay interest on the amount involved at the rate of three-fourths of one percent per month or fraction thereof from the time the payment was due until the time of payment. Whenever the taxpayer, without having been granted an extension, fails to make payment of estimated tax, or any installment, or file any declaration as required by this article, 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.

(Code 1950, 58-502.4; 1968, c. 13; 1972, c. 153; 1984, c. 675; 2011, c. 850.)