Virginia § 58.1-2505 Amount of license tax for company commencing business

Virginia Statutes

§ 58.1-2505 — Amount of license tax for company commencing business

Virginia § 58.1-2505

JurisdictionVirginia

Title 58.1TAXATION

Subtitle IITAXES ADMINISTERED BY OTHER AGENCIES

Ch. 25LICENSE TAX ON CERTAIN INSURANCE COMPANIES

Art. 1LEVY

This text of Virginia § 58.1-2505 (Amount of license tax for company commencing business) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 58.1-2505 (2026).

Text

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, if there is any variance between the estimate and the actual direct gross premium income, the Department shall issue a refund or provide notice of 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.

Free access — add to your briefcase to read the full text and ask questions with AI

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, if there is any variance between the estimate and the actual direct gross premium income, the Department shall issue a refund or provide notice of 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.