{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-2507.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-2507.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-2507.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-2507.html"}],"law_id":55841,"edition_id":1,"section_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","history":"Code 1950, \u00a7 58-498; 1952, c. 190; 1968, c. 13; 1978, c. 4; 1984, c. 675; 2003, c. 372; 2011, c. 850; 2013, cc. 29, 163.","full_text":"A\n\nEvery 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\n\nUpon 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 10 percent of the amount of the tax and interest at a rate equal to the rate of interest established pursuant to § 58.1-15 for the period between the due date and the date of full payment. The Department shall notify the taxpayer of all additional amounts owed, and the taxpayer shall pay such amounts within 30 days of the date of the notice. If an overpayment is made, the Department shall issue a refund of the amount of the overpayment to the taxpayer pursuant to subsection B of § 58.1-2526. The Commission may suspend or revoke the company’s license to do business in this Commonwealth pursuant to § 38.2-1040 upon notification by the Department that the additional amounts due are not paid. The Department shall proceed to recover the tax, penalty and interest (i) in the same manner as is done for any other tax administered by the Department or (ii) by proceedings brought to subject any bonds or other securities deposited by such company with the Treasurer.C\n\nIf such failure is due to providential or other good cause shown to the satisfaction of the Department, such return or payment or return and payment may be accepted exclusive of penalties; however, such company shall pay interest on such tax as prescribed in subsection B.","order_by":null,"text":{"0":{"id":204572,"text":"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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":204573,"text":"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 10 percent of the amount of the tax and interest at a rate equal to the rate of interest established pursuant to § 58.1-15 for the period between the due date and the date of full payment. The Department shall notify the taxpayer of all additional amounts owed, and the taxpayer shall pay such amounts within 30 days of the date of the notice. If an overpayment is made, the Department shall issue a refund of the amount of the overpayment to the taxpayer pursuant to subsection B of § 58.1-2526. The Commission may suspend or revoke the company’s license to do business in this Commonwealth pursuant to § 38.2-1040 upon notification by the Department that the additional amounts due are not paid. The Department shall proceed to recover the tax, penalty and interest (i) in the same manner as is done for any other tax administered by the Department or (ii) by proceedings brought to subject any bonds or other securities deposited by such company with the Treasurer.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":204574,"text":"If such failure is due to providential or other good cause shown to the satisfaction of the Department, such return or payment or return and payment may be accepted exclusive of penalties; however, such company shall pay interest on such tax as prescribed in subsection B.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-2507\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 7 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 2003, chapter 372<\/a>; in 2011, chapter 850<\/a>; in 2013, chapters 29<\/a> and 163<\/a>.<\/p>","references":false,"refers_to":[{"id":71497,"section_number":"38.2-1040","catch_line":"Refusal, suspension or revocation of license","order_by":null,"url":"\/38.2-1040\/"},{"id":77006,"section_number":"58.1-15","catch_line":"Rate of interest","order_by":null,"url":"\/58.1-15\/"},{"id":58246,"section_number":"58.1-2506","catch_line":"Reports to the Department","order_by":null,"url":"\/58.1-2506\/"},{"id":58725,"section_number":"58.1-2526","catch_line":"Where declarations filed and how payments made; refunding overpayments","order_by":null,"url":"\/58.1-2526\/"}],"permalink":{"id":255979,"object_type":"law","relational_id":55841,"identifier":"58.1-2507","token":"58.1\/II\/25\/1\/58.1-2507","url":"\/58.1-2507\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-2507\/","token":"58.1\/II\/25\/1\/58.1-2507","dublin_core":{"Title":"Penalties for failure to make report or pay tax; revocation of license; recovery by suit","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-2507","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Every company<\/span> failing to make the report required by § 58.1-2506<\/a> shall be fined $50 for each day’s failure to make the report. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Upon the failure of any such company<\/span> to pay the license tax<\/span> within the time required by this chapter, there shall be added to such tax<\/span> a penalty<\/span> of 10 percent of the amount of the tax<\/span> and interest at a rate equal to the rate of interest established pursuant to § 58.1-15<\/a> for the period between the due date and the date of full payment. The Department<\/span> shall notify the taxpayer<\/span> of all additional amounts owed, and the taxpayer<\/span> shall pay such amounts within 30 days of the date of the notice. If an overpayment is made, the Department<\/span> shall issue<\/span> a refund of the amount of the overpayment to the taxpayer<\/span> pursuant to subsection B of § 58.1-2526<\/a>. The Commission<\/span> may suspend or revoke the company<\/span>’s license to do business in this Commonwealth pursuant to § 38.2-1040<\/a> upon notification by the Department<\/span> that the additional amounts due are not paid. The Department<\/span> shall proceed to recover the tax<\/span>, penalty<\/span> and interest (i) in the same manner as is done for any other tax<\/span> administered by the Department<\/span> or (ii) by proceedings brought to subject any bonds<\/span> or other securities deposited by such company<\/span> with the Treasurer. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If such failure is due to providential or other good cause shown to the satisfaction of the Department<\/span>, such return or payment or return and payment may be accepted exclusive of penalties; however, such company<\/span> shall pay interest on such tax<\/span> as prescribed in subsection B. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPENALTIES FOR FAILURE TO MAKE REPORT OR PAY TAX; REVOCATION OF LICENSE; RECOVERY\nBY SUIT (\u00a7 58.1-2507)\n\nA. Every company failing to make the report required by § 58.1-2506 shall\nbe fined $50 for each day’s failure to make the report.\n\nB. Upon the failure of any such company to pay the license tax within the time\nrequired by this chapter, there shall be added to such tax a penalty of 10\npercent of the amount of the tax and interest at a rate equal to the rate of\ninterest established pursuant to § 58.1-15 for the period between the due\ndate and the date of full payment. The Department shall notify the taxpayer of\nall additional amounts owed, and the taxpayer shall pay such amounts within 30\ndays of the date of the notice. If an overpayment is made, the Department shall\nissue a refund of the amount of the overpayment to the taxpayer pursuant to\nsubsection B of § 58.1-2526. The Commission may suspend or revoke the\ncompany’s license to do business in this Commonwealth pursuant to §\n38.2-1040 upon notification by the Department that the additional amounts due\nare not paid. The Department shall proceed to recover the tax, penalty and\ninterest (i) in the same manner as is done for any other tax administered by the\nDepartment or (ii) by proceedings brought to subject any bonds or other\nsecurities deposited by such company with the Treasurer.\n\nC. If such failure is due to providential or other good cause shown to the\nsatisfaction of the Department, such return or payment or return and payment may\nbe accepted exclusive of penalties; however, such company shall pay interest on\nsuch tax as prescribed in subsection B.\n\nHISTORY: Code 1950, \u00a7 58-498; 1952, c. 190; 1968, c. 13; 1978, c. 4; 1984, c.\n675; 2003, c. 372; 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}}