2011 Code of Virginia
Title 58.1 TAXATION.
Chapter 25 License Tax on Certain Insurance Companies (58.1-2500 thru 58.1-2533)
58.1-2526 (Effective for taxable years commencing before January 1, 2013) Where declarations filed and how pa...

58.1-2526. (Effective for taxable years commencing before January 1, 2013) 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 with the Commission. All such payments shall be deposited by the Commission into the state treasury.

B. If any insurance company overestimates and overpays estimated tax or overpays as a result of increased regulatory costs imposed pursuant to 38.2-1026, the Commission shall order a refund of the amount of the overpayment to the taxpayer. The overpayment shall be refunded out of the state treasury on the order of the Commission upon the Comptroller. The Commission may act under this paragraph within three years from the date on which such overpayment was made.

(Code 1950, 58-502.5; 1968, c. 13; 1984, c. 675; 1985, c. 221; 1999, c. 571.)

58.1-2526. (Effective for the taxable year commencing on or after January 1, 2013) 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 with the Department. All such payments shall be deposited by the Department into the state treasury.

B. If any insurance company overestimates and overpays estimated tax or overpays as a result of increased regulatory costs imposed pursuant to 38.2-1026, the Department shall issue a refund of the amount of the overpayment to the taxpayer pursuant to Article 2 ( 58.1-1820 et seq.) of Chapter 18. The overpayment shall be refunded out of the state treasury.

(Code 1950, 58-502.5; 1968, c. 13; 1984, c. 675; 1985, c. 221; 1999, c. 571; 2011, c. 850.)