Title 58.1, Title 58.1. Taxation

The annual license tax shall be transmitted to the Department on or before March 1 of each year for deposit into the state treasury.

A. The license tax on a company commencing business in the Commonwealth shall be paid to the Department before the license is issued. If a payment is made in an amount subsequently found to be in error, the Department shall, if an additional amount is due, notify the taxpayer of …

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 estim…

Every company subject to the provisions of this chapter shall, on or before March 1 of each year, report under oath to the Department, upon forms to be furnished or approved by and in such detail as may be prescribed by the Department, the direct gross premium income derived from…

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. Upon the failure of any such company to pay the license tax within the time required by this chapter, there shall be added to such tax a penalty of…

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 in the Commonwealth shall be listed and assessed on the land and property books of the commissioner of the r…

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 the Commission which administers the insurance laws of the Commonwealth shall be paid by the insurance companies doing business therein, a…

A. For license years beginning on and after July 1, 1998, every qualified company shall be allowed a credit against the tax imposed by § 58.1-2501 in an amount equal to the retaliatory costs incurred during the corresponding taxable year as a result of the difference between othe…

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 § 58.1-2501 shall make a declaration of estimated tax if the tax imposed by this chapter, for the license year, measured by direct…

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 April 1 of the taxable year, the declaration shall be filed on or before April 15 of the taxable year. 2. After March 31 but before June 1 of…

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 filed in each such interval. Such amendments shall be filed pursuant to guidelines prescribed by the Department.

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. If the declaration is required to be filed by April 15 of the taxable year, twenty-five percent of the estimated tax shall be paid on Apri…

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 license year.

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 set forth in § 58.1-15 until the …

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 overestimat…

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 determined at the rate set forth in § 58.1-15 upon the amount of the underpayment for the period of the underpayment. B. For purposes of subsecti…

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 the total amount of all payments of estimated tax made on or before the last date prescribed for the payment of such installment e…

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. If an insurance company goes out of business or ceases to be an insurance company in this Commonwealth in any taxable or licens…

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 direct gross premium income which had been previously included in the base for measuring the tax imposed by this chapter respecting any licens…

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 revenues collected by the Department in the most recently ended fiscal year from the tax imposed under this chapter, less one-third …

The Department and the Commission may exchange information for purposes of enforcing the provisions of this title.

Any costs related to the insurance premiums tax that are incurred by the Department shall be recovered from the assessment for expenses under §§ 38.2-400 and 38.2-403.