{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-1114.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-1114.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-1114.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-1114.html"}],"law_id":57427,"edition_id":1,"section_id":57427,"structure_id":14380,"section_number":"58.1-1114","catch_line":"Assessment and payment of deficiency; penalties; application for correction","history":"Code 1950, \u00a7 58-435; 1960, c. 508; 1976, c. 422; 1977, c. 396; 1980, c. 633; 1984, c. 675.","full_text":"If the amount of tax computed by the Department is greater than the amount theretofore assessed, the excess shall be assessed by the Tax Commissioner and notice of the same shall be mailed to the taxpayer. The taxpayer shall remit such additional tax to the Department within thirty days from the date of such notice. In such case, if the return was made in good faith and the understatement of the amount in the return was not due to any fault of the taxpayer, there shall be no penalty on the additional tax because of such understatement, but interest shall be added to the amount of the deficiency at a rate determined in accordance with \u00a7 58.1-15, from the time the return was required by law to be filed until paid. If the understatement is false or fraudulent with intent to evade the tax a penalty of 100 percent shall be added together with interest on the tax at a rate determined in accordance with \u00a7 58.1-15, from the time the return was required by law to be filed until paid. Nothing contained in this section shall prevent the taxpayer from applying for a correction of any assessment as provided in Chapter 18, Article 2 (\u00a7 58.1-1820 et seq.) of this title.\n\t\tThe taxes imposed by this chapter shall be assessed within three years from the date on which such taxes became due and payable, except that in the case of a false or fraudulent return with intent to evade payment of such taxes, or a failure to file a return, the taxes may be assessed at any time within six years from such date.","order_by":null,"text":{"0":{"id":210441,"text":"If the amount of tax computed by the Department is greater than the amount theretofore assessed, the excess shall be assessed by the Tax Commissioner and notice of the same shall be mailed to the taxpayer. The taxpayer shall remit such additional tax to the Department within thirty days from the date of such notice. In such case, if the return was made in good faith and the understatement of the amount in the return was not due to any fault of the taxpayer, there shall be no penalty on the additional tax because of such understatement, but interest shall be added to the amount of the deficiency at a rate determined in accordance with \u00a7 58.1-15, from the time the return was required by law to be filed until paid. If the understatement is false or fraudulent with intent to evade the tax a penalty of 100 percent shall be added together with interest on the tax at a rate determined in accordance with \u00a7 58.1-15, from the time the return was required by law to be filed until paid. Nothing contained in this section shall prevent the taxpayer from applying for a correction of any assessment as provided in Chapter 18, Article 2 (\u00a7 58.1-1820 et seq.) of this title.\n\t\tThe taxes imposed by this chapter shall be assessed within three years from the date on which such taxes became due and payable, except that in the case of a false or fraudulent return with intent to evade payment of such taxes, or a failure to file a return, the taxes may be assessed at any time within six years from such date.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14380,"edition_id":1,"name":"Intangible Personal Property Tax","identifier":"11","label":"chapter","depth":3,"order_by":1,"parent_id":12837,"metadata":{},"date_created":"2026-06-26 03:47:56","date_modified":"2026-06-26 03:47:56","permalink":{"id":252371,"object_type":"structure","relational_id":14380,"identifier":"11","token":"58.1\/I\/11","url":"\/58.1\/I\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12837,"edition_id":1,"name":"Taxes Administered by the Department of Taxation","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:43:55","date_modified":"2026-06-26 03:43:55","permalink":{"id":252075,"object_type":"structure","relational_id":12837,"identifier":"I","token":"58.1\/I","url":"\/58.1\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12703,"edition_id":1,"name":"Taxation","identifier":"58.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":251959,"object_type":"structure","relational_id":12703,"identifier":"58.1","token":"58.1","url":"\/58.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":86605,"structure_id":14380,"section_number":"58.1-1100","catch_line":"Intangible personal property; segregated for state taxation","url":"\/58.1-1100\/","token":"58.1\/I\/11\/58.1-1100","metadata":false},{"id":85777,"structure_id":14380,"section_number":"58.1-1101","catch_line":"Classification","url":"\/58.1-1101\/","token":"58.1\/I\/11\/58.1-1101","metadata":false},{"id":77570,"structure_id":14380,"section_number":"58.1-1102","catch_line":"Intangible personal property of certain poultry and livestock producers","url":"\/58.1-1102\/","token":"58.1\/I\/11\/58.1-1102","metadata":false},{"id":66740,"structure_id":14380,"section_number":"58.1-1103","catch_line":"Exempt professions and businesses; how property used therein taxable","url":"\/58.1-1103\/","token":"58.1\/I\/11\/58.1-1103","metadata":false},{"id":66537,"structure_id":14380,"section_number":"58.1-1104","catch_line":"To what extent dairies taxable on intangible personal property","url":"\/58.1-1104\/","token":"58.1\/I\/11\/58.1-1104","metadata":false},{"id":71013,"structure_id":14380,"section_number":"58.1-1105","catch_line":"Suppliers of pulpwood, veneer logs, mine props and railroad crossties","url":"\/58.1-1105\/","token":"58.1\/I\/11\/58.1-1105","metadata":false},{"id":62107,"structure_id":14380,"section_number":"58.1-1106","catch_line":"Situs; nonresidents, branches outside of Commonwealth","url":"\/58.1-1106\/","token":"58.1\/I\/11\/58.1-1106","metadata":false},{"id":78274,"structure_id":14380,"section_number":"58.1-1107","catch_line":"Date as of which intangible personal property must be returned","url":"\/58.1-1107\/","token":"58.1\/I\/11\/58.1-1107","metadata":false},{"id":55714,"structure_id":14380,"section_number":"58.1-1108","catch_line":"Time for filing returns; payment of tax","url":"\/58.1-1108\/","token":"58.1\/I\/11\/58.1-1108","metadata":false},{"id":56933,"structure_id":14380,"section_number":"58.1-1109","catch_line":"Extension of time for filing returns","url":"\/58.1-1109\/","token":"58.1\/I\/11\/58.1-1109","metadata":false},{"id":79792,"structure_id":14380,"section_number":"58.1-1110","catch_line":"Where to file return; duty of the commissioner of revenue; audit and assessment","url":"\/58.1-1110\/","token":"58.1\/I\/11\/58.1-1110","metadata":false},{"id":57042,"structure_id":14380,"section_number":"58.1-1111","catch_line":"Application to fiduciaries generally","url":"\/58.1-1111\/","token":"58.1\/I\/11\/58.1-1111","metadata":false},{"id":74457,"structure_id":14380,"section_number":"58.1-1112","catch_line":"Forwarding to and audit of returns by Department","url":"\/58.1-1112\/","token":"58.1\/I\/11\/58.1-1112","metadata":false},{"id":75886,"structure_id":14380,"section_number":"58.1-1113","catch_line":"Penalty for failure to file returns of intangible personal property in time; delinquents; assessments on estimates","url":"\/58.1-1113\/","token":"58.1\/I\/11\/58.1-1113","metadata":false},{"id":57427,"structure_id":14380,"section_number":"58.1-1114","catch_line":"Assessment and payment of deficiency; penalties; application for correction","url":"\/58.1-1114\/","token":"58.1\/I\/11\/58.1-1114","metadata":false},{"id":79275,"structure_id":14380,"section_number":"58.1-1115","catch_line":"Refund of overpayment","url":"\/58.1-1115\/","token":"58.1\/I\/11\/58.1-1115","metadata":false},{"id":62634,"structure_id":14380,"section_number":"58.1-1116","catch_line":"Failure to pay tax when due; civil penalties","url":"\/58.1-1116\/","token":"58.1\/I\/11\/58.1-1116","metadata":false},{"id":70638,"structure_id":14380,"section_number":"58.1-1117","catch_line":"How intangible personal property tax collectible","url":"\/58.1-1117\/","token":"58.1\/I\/11\/58.1-1117","metadata":false},{"id":82483,"structure_id":14380,"section_number":"58.1-1118","catch_line":"Intangible personal property assessment sheets or forms","url":"\/58.1-1118\/","token":"58.1\/I\/11\/58.1-1118","metadata":false}],"previous_section":{"id":75886,"structure_id":14380,"section_number":"58.1-1113","catch_line":"Penalty for failure to file returns of intangible personal property in time; delinquents; assessments on estimates","url":"\/58.1-1113\/","token":"58.1\/I\/11\/58.1-1113","metadata":false},"next_section":{"id":79275,"structure_id":14380,"section_number":"58.1-1115","catch_line":"Refund of overpayment","url":"\/58.1-1115\/","token":"58.1\/I\/11\/58.1-1115","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-1114\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 5 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1960, chapter 508; in 1976, chapter 422; in 1977, chapter 396; in 1980, chapter 633; in 1984, chapter 675.<\/p>","references":false,"refers_to":[{"id":77006,"section_number":"58.1-15","catch_line":"Rate of interest","order_by":null,"url":"\/58.1-15\/"},{"id":78490,"section_number":"58.1-1820","catch_line":"Definitions","order_by":null,"url":"\/58.1-1820\/"}],"permalink":{"id":252429,"object_type":"law","relational_id":57427,"identifier":"58.1-1114","token":"58.1\/I\/11\/58.1-1114","url":"\/58.1-1114\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-1114\/","token":"58.1\/I\/11\/58.1-1114","dublin_core":{"Title":"Assessment and payment of deficiency; penalties; application for correction","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-1114","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

If the amount of tax computed by the Department<\/span> is greater than the amount theretofore assessed, the excess shall be assessed by the Tax Commissioner<\/span> and notice of the same shall be mailed to the taxpayer<\/span>. The taxpayer<\/span> shall remit such additional tax to the Department<\/span> within thirty days from the date of such notice. In such case, if the return was made in good faith and the understatement of the amount in the return was not due to any fault of the taxpayer<\/span>, there shall be no penalty<\/span> on the additional tax because of such understatement, but interest shall be added to the amount of the deficiency at a rate determined in accordance with \u00a7 58.1-15<\/a>, from the time the return was required by law<\/span> to be filed until paid. If the understatement is false or fraudulent with intent<\/span> to evade the tax a penalty<\/span> of 100 percent shall be added together with interest on the tax at a rate determined in accordance with \u00a7 58.1-15<\/a>, from the time the return was required by law<\/span> to be filed until paid. Nothing contained in this section shall prevent the taxpayer<\/span> from applying for a correction of any assessment as provided in Chapter 18, Article 2 (\u00a7 58.1-1820<\/a> et seq.) of this title.\n\t\tThe taxes imposed by this chapter shall be assessed within three years from the date on which such taxes became due and payable, except that in the case of a false or fraudulent return with intent<\/span> to evade payment of such taxes, or a failure to file a return, the taxes may be assessed at any time within six years from such date.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nASSESSMENT AND PAYMENT OF DEFICIENCY; PENALTIES; APPLICATION FOR CORRECTION (\u00a7\n58.1-1114)\n\nIf the amount of tax computed by the Department is greater than the amount\ntheretofore assessed, the excess shall be assessed by the Tax Commissioner and\nnotice of the same shall be mailed to the taxpayer. The taxpayer shall remit\nsuch additional tax to the Department within thirty days from the date of such\nnotice. In such case, if the return was made in good faith and the\nunderstatement of the amount in the return was not due to any fault of the\ntaxpayer, there shall be no penalty on the additional tax because of such\nunderstatement, but interest shall be added to the amount of the deficiency at a\nrate determined in accordance with \u00a7 58.1-15, from the time the return was\nrequired by law to be filed until paid. If the understatement is false or\nfraudulent with intent to evade the tax a penalty of 100 percent shall be added\ntogether with interest on the tax at a rate determined in accordance with \u00a7\n58.1-15, from the time the return was required by law to be filed until paid.\nNothing contained in this section shall prevent the taxpayer from applying for a\ncorrection of any assessment as provided in Chapter 18, Article 2 (\u00a7 58.1-1820\net seq.) of this title.\n\t\tThe taxes imposed by this chapter shall be assessed within three years from\nthe date on which such taxes became due and payable, except that in the case of\na false or fraudulent return with intent to evade payment of such taxes, or a\nfailure to file a return, the taxes may be assessed at any time within six years\nfrom such date.\n\nHISTORY: Code 1950, \u00a7 58-435; 1960, c. 508; 1976, c. 422; 1977, c. 396; 1980,\nc. 633; 1984, c. 675.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}