{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-2504.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-2504.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-2504.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-2504.html"}],"law_id":76338,"edition_id":1,"section_id":76338,"structure_id":12732,"section_number":"58.1-2504","catch_line":"Companies commencing business","history":"Code 1950, \u00a7\u00a7 58-487, 58-489; 1952, c. 190; 1968, c. 13; 1978, c. 4; 1984, c. 675; 2011, c. 850; 2013, cc. 29, 163.","full_text":"A\n\nThe 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 additional amount due and the company shall pay such amount within 30 days of the date of the notice, and, if an overpayment is made, issue a refund as provided for in § 58.1-2505.B\n\nNo license to transact the business of insurance shall be issued by the Commission for less than a year except to a company when it first commences business in the Commonwealth, in which case the initial license shall be issued for that part of the year from the date of the issuance of the license to June 30 following.","order_by":null,"text":{"0":{"id":274038,"text":"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 additional amount due and the company shall pay such amount within 30 days of the date of the notice, and, if an overpayment is made, issue a refund as provided for in § 58.1-2505.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":274039,"text":"No license to transact the business of insurance shall be issued by the Commission for less than a year except to a company when it first commences business in the Commonwealth, in which case the initial license shall be issued for that part of the year from the date of the issuance of the license to June 30 following.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":12732,"edition_id":1,"name":"Levy","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":12731,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":255945,"object_type":"structure","relational_id":12732,"identifier":"1","token":"58.1\/II\/25\/1","url":"\/58.1\/II\/25\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12731,"edition_id":1,"name":"License Tax on Certain Insurance Companies","identifier":"25","label":"chapter","depth":3,"order_by":1,"parent_id":12730,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":255943,"object_type":"structure","relational_id":12731,"identifier":"25","token":"58.1\/II\/25","url":"\/58.1\/II\/25\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12730,"edition_id":1,"name":"Taxes Administered by Other Agencies","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":255261,"object_type":"structure","relational_id":12730,"identifier":"II","token":"58.1\/II","url":"\/58.1\/II\/","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":56221,"structure_id":12732,"section_number":"58.1-2500","catch_line":"Definitions","url":"\/58.1-2500\/","token":"58.1\/II\/25\/1\/58.1-2500","metadata":false},{"id":68558,"structure_id":12732,"section_number":"58.1-2501","catch_line":"Levy of license tax","url":"\/58.1-2501\/","token":"58.1\/II\/25\/1\/58.1-2501","metadata":false},{"id":71244,"structure_id":12732,"section_number":"58.1-2501.1","catch_line":"Premium tax; travel insurance","url":"\/58.1-2501.1\/","token":"58.1\/II\/25\/1\/58.1-2501.1","metadata":false},{"id":65373,"structure_id":12732,"section_number":"58.1-2502","catch_line":"Exemptions and exclusions","url":"\/58.1-2502\/","token":"58.1\/II\/25\/1\/58.1-2502","metadata":false},{"id":66081,"structure_id":12732,"section_number":"58.1-2503","catch_line":"When tax payable","url":"\/58.1-2503\/","token":"58.1\/II\/25\/1\/58.1-2503","metadata":false},{"id":76338,"structure_id":12732,"section_number":"58.1-2504","catch_line":"Companies commencing business","url":"\/58.1-2504\/","token":"58.1\/II\/25\/1\/58.1-2504","metadata":false},{"id":83928,"structure_id":12732,"section_number":"58.1-2505","catch_line":"Amount of license tax for company commencing business","url":"\/58.1-2505\/","token":"58.1\/II\/25\/1\/58.1-2505","metadata":false},{"id":58246,"structure_id":12732,"section_number":"58.1-2506","catch_line":"Reports to the Department","url":"\/58.1-2506\/","token":"58.1\/II\/25\/1\/58.1-2506","metadata":false},{"id":55841,"structure_id":12732,"section_number":"58.1-2507","catch_line":"Penalties for failure to make report or pay tax; revocation of license; recovery by suit","url":"\/58.1-2507\/","token":"58.1\/II\/25\/1\/58.1-2507","metadata":false},{"id":87222,"structure_id":12732,"section_number":"58.1-2508","catch_line":"Taxes applicable to insurance companies","url":"\/58.1-2508\/","token":"58.1\/II\/25\/1\/58.1-2508","metadata":false},{"id":55996,"structure_id":12732,"section_number":"58.1-2509","catch_line":"Certain other provisions not affected by chapter","url":"\/58.1-2509\/","token":"58.1\/II\/25\/1\/58.1-2509","metadata":false},{"id":59419,"structure_id":12732,"section_number":"58.1-2510","catch_line":"Tax credit for retaliatory costs paid to other states","url":"\/58.1-2510\/","token":"58.1\/II\/25\/1\/58.1-2510","metadata":false},{"id":53944,"structure_id":12732,"section_number":"58.1-2511","catch_line":"Reserved","url":"\/58.1-2511\/","token":"58.1\/II\/25\/1\/58.1-2511","metadata":false}],"previous_section":{"id":66081,"structure_id":12732,"section_number":"58.1-2503","catch_line":"When tax payable","url":"\/58.1-2503\/","token":"58.1\/II\/25\/1\/58.1-2503","metadata":false},"next_section":{"id":83928,"structure_id":12732,"section_number":"58.1-2505","catch_line":"Amount of license tax for company commencing business","url":"\/58.1-2505\/","token":"58.1\/II\/25\/1\/58.1-2505","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-2504\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 6 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 1952, chapter 190; in 1968, chapter 13; in 1978, chapter 4; in 1984, chapter 675; in 2011, chapter 850<\/a>; in 2013, chapters 29<\/a> and 163<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":255967,"object_type":"law","relational_id":76338,"identifier":"58.1-2504","token":"58.1\/II\/25\/1\/58.1-2504","url":"\/58.1-2504\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-2504\/","token":"58.1\/II\/25\/1\/58.1-2504","dublin_core":{"Title":"Companies commencing business","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-2504","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The license tax<\/span> on a company<\/span> commencing business in the Commonwealth shall be paid to the Department<\/span> before the license is issued. If a payment is made in an amount subsequently found to be in error, the Department<\/span> shall, if an additional amount is due, notify the taxpayer<\/span> of the additional amount due and the company<\/span> shall pay such amount within 30 days of the date of the notice, and, if an overpayment is made, issue<\/span> a refund as provided for in § 58.1-2505<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> No license to transact the business of insurance shall be issued by the Commission<\/span> for less than a year except to a company<\/span> when it first commences business in the Commonwealth, in which case the initial license shall be issued for that part of the year from the date of the issuance of the license to June 30 following. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCOMPANIES COMMENCING BUSINESS (\u00a7 58.1-2504)\n\nA. The license tax on a company commencing business in the Commonwealth shall be\npaid to the Department before the license is issued. If a payment is made in an\namount subsequently found to be in error, the Department shall, if an additional\namount is due, notify the taxpayer of the additional amount due and the company\nshall pay such amount within 30 days of the date of the notice, and, if an\noverpayment is made, issue a refund as provided for in § 58.1-2505.\n\nB. No license to transact the business of insurance shall be issued by the\nCommission for less than a year except to a company when it first commences\nbusiness in the Commonwealth, in which case the initial license shall be issued\nfor that part of the year from the date of the issuance of the license to June\n30 following.\n\nHISTORY: Code 1950, \u00a7\u00a7 58-487, 58-489; 1952, c. 190; 1968, c. 13; 1978, c. 4;\n1984, c. 675; 2011, c. 850; 2013, cc. 29, 163.","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}}