{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-2505.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-2505.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-2505.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-2505.html"}],"law_id":83928,"edition_id":1,"section_id":83928,"structure_id":12732,"section_number":"58.1-2505","catch_line":"Amount of license tax for company commencing business","history":"Code 1950, \u00a7 58-488; 1952, c. 190; 1968, c. 13; 1984, c. 675; 2011, c. 850; 2013, cc. 29, 163.","full_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.","order_by":null,"text":{"0":{"id":300751,"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.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-2505\/","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 1952, chapter 190; in 1968, chapter 13; 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":255971,"object_type":"law","relational_id":83928,"identifier":"58.1-2505","token":"58.1\/II\/25\/1\/58.1-2505","url":"\/58.1-2505\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-2505\/","token":"58.1\/II\/25\/1\/58.1-2505","dublin_core":{"Title":"Amount of license tax for company commencing business","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-2505","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The license tax<\/span> on a company<\/span> commencing business in the Commonwealth shall be measured by an estimate of direct gross premium income<\/span> 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<\/span> 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<\/span>, the Department<\/span> shall issue<\/span> a refund or provide notice of the assessment of additional license tax<\/span> depending on whether such estimate was in excess of or less than the actual direct gross premium income<\/span> of such company<\/span> for such year.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAMOUNT OF LICENSE TAX FOR COMPANY COMMENCING BUSINESS (\u00a7 58.1-2505)\n\nThe license tax on a company commencing business in the Commonwealth shall be\nmeasured by an estimate of direct gross premium income reasonably expected to be\nderived from such business in the Commonwealth from the time of commencing\nbusiness to December 31 following. Every estimate made under this section shall\nbe subject to review by the Department after the close of the year for which the\nestimate is made and, if there is any variance between the estimate and the\nactual direct gross premium income, the Department shall issue a refund or\nprovide notice of the assessment of additional license tax depending on whether\nsuch estimate was in excess of or less than the actual direct gross premium\nincome of such company for such year.\n\nHISTORY: Code 1950, \u00a7 58-488; 1952, c. 190; 1968, c. 13; 1984, c. 675; 2011, c.\n850; 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}}