{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-2527.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-2527.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-2527.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-2527.html"}],"law_id":55003,"edition_id":1,"section_id":55003,"structure_id":13946,"section_number":"58.1-2527","catch_line":"Failure to pay estimated tax","history":"Code 1950, \u00a7 58-502.6; 1968, c. 13; 1984, c. 675; 2013, cc. 29, 163.","full_text":"A\n\nIn 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\n\nFor purposes of subsection A, the amount of the underpayment shall be the excess of:1\n\nThe amount of the installment which would be required to be paid if the estimated tax were equal to 90 percent of the tax shown on the report for the license year, over2\n\nThe amount, if any, of the installment paid on or before the last date prescribed for payment.C\n\nThe period of the underpayment shall run from the date the installment was required to be paid to whichever of the following dates is the earlier:1\n\nThe first day of the third month following the close of the taxable year.2\n\nWith respect to any portion of the underpayment, the date on which such portion is paid. For purposes of this paragraph, a payment of estimated tax on any installment date shall be considered a payment of any previous underpayment only to the extent such payment exceeds the amount of the installment determined under subdivision B 1 for such installment date.","order_by":null,"text":{"0":{"id":201749,"text":"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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":201750,"text":"For purposes of subsection A, the amount of the underpayment shall be the excess of:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":201751,"text":"The amount of the installment which would be required to be paid if the estimated tax were equal to 90 percent of the tax shown on the report for the license year, over","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":201752,"text":"The amount, if any, of the installment paid on or before the last date prescribed for payment.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"C"},"4":{"id":201753,"text":"The period of the underpayment shall run from the date the installment was required to be paid to whichever of the following dates is the earlier:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B2","next_prefix":"C1"},"5":{"id":201754,"text":"The first day of the third month following the close of the taxable year.","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"6":{"id":201755,"text":"With respect to any portion of the underpayment, the date on which such portion is paid. For purposes of this paragraph, a payment of estimated tax on any installment date shall be considered a payment of any previous underpayment only to the extent such payment exceeds the amount of the installment determined under subdivision B 1 for such installment date.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1"}},"ancestry":[{"id":13946,"edition_id":1,"name":"Estimated Tax","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":12731,"metadata":{},"date_created":"2026-06-26 03:46:23","date_modified":"2026-06-26 03:46:23","permalink":{"id":255999,"object_type":"structure","relational_id":13946,"identifier":"2","token":"58.1\/II\/25\/2","url":"\/58.1\/II\/25\/2\/","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":77497,"structure_id":13946,"section_number":"58.1-2520","catch_line":"Requirement of declaration","url":"\/58.1-2520\/","token":"58.1\/II\/25\/2\/58.1-2520","metadata":false},{"id":65839,"structure_id":13946,"section_number":"58.1-2521","catch_line":"Time for filing declarations of estimated tax","url":"\/58.1-2521\/","token":"58.1\/II\/25\/2\/58.1-2521","metadata":false},{"id":65093,"structure_id":13946,"section_number":"58.1-2522","catch_line":"Amendments to declaration","url":"\/58.1-2522\/","token":"58.1\/II\/25\/2\/58.1-2522","metadata":false},{"id":76438,"structure_id":13946,"section_number":"58.1-2523","catch_line":"Payment of estimated tax","url":"\/58.1-2523\/","token":"58.1\/II\/25\/2\/58.1-2523","metadata":false},{"id":82350,"structure_id":13946,"section_number":"58.1-2524","catch_line":"Payments are on account of tax for license year","url":"\/58.1-2524\/","token":"58.1\/II\/25\/2\/58.1-2524","metadata":false},{"id":58951,"structure_id":13946,"section_number":"58.1-2525","catch_line":"Extensions of time","url":"\/58.1-2525\/","token":"58.1\/II\/25\/2\/58.1-2525","metadata":false},{"id":58725,"structure_id":13946,"section_number":"58.1-2526","catch_line":"Where declarations filed and how payments made; refunding overpayments","url":"\/58.1-2526\/","token":"58.1\/II\/25\/2\/58.1-2526","metadata":false},{"id":55003,"structure_id":13946,"section_number":"58.1-2527","catch_line":"Failure to pay estimated tax","url":"\/58.1-2527\/","token":"58.1\/II\/25\/2\/58.1-2527","metadata":false},{"id":75669,"structure_id":13946,"section_number":"58.1-2528","catch_line":"Exception to \u00a7 58.1-2527","url":"\/58.1-2528\/","token":"58.1\/II\/25\/2\/58.1-2528","metadata":false},{"id":71183,"structure_id":13946,"section_number":"58.1-2529","catch_line":"Other provisions of this chapter not affected by this article; insurance companies going out of business","url":"\/58.1-2529\/","token":"58.1\/II\/25\/2\/58.1-2529","metadata":false},{"id":64534,"structure_id":13946,"section_number":"58.1-2530","catch_line":"Double taxation respecting same direct gross premium income negated","url":"\/58.1-2530\/","token":"58.1\/II\/25\/2\/58.1-2530","metadata":false},{"id":68370,"structure_id":13946,"section_number":"58.1-2531","catch_line":"Distribution of certain revenue","url":"\/58.1-2531\/","token":"58.1\/II\/25\/2\/58.1-2531","metadata":false},{"id":80743,"structure_id":13946,"section_number":"58.1-2532","catch_line":"Exchange of information","url":"\/58.1-2532\/","token":"58.1\/II\/25\/2\/58.1-2532","metadata":false},{"id":56344,"structure_id":13946,"section_number":"58.1-2533","catch_line":"Reimbursement for certain costs","url":"\/58.1-2533\/","token":"58.1\/II\/25\/2\/58.1-2533","metadata":false}],"previous_section":{"id":58725,"structure_id":13946,"section_number":"58.1-2526","catch_line":"Where declarations filed and how payments made; refunding overpayments","url":"\/58.1-2526\/","token":"58.1\/II\/25\/2\/58.1-2526","metadata":false},"next_section":{"id":75669,"structure_id":13946,"section_number":"58.1-2528","catch_line":"Exception to \u00a7 58.1-2527","url":"\/58.1-2528\/","token":"58.1\/II\/25\/2\/58.1-2528","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-2527\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 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 1968, chapter 13; in 1984, chapter 675; in 2013, chapters 29<\/a> and 163<\/a>.<\/p>","references":[{"id":75669,"section_number":"58.1-2528","catch_line":"Exception to \u00a7 58.1-2527","order_by":null,"url":"\/58.1-2528\/"}],"refers_to":[{"id":77006,"section_number":"58.1-15","catch_line":"Rate of interest","order_by":null,"url":"\/58.1-15\/"}],"permalink":{"id":256029,"object_type":"law","relational_id":55003,"identifier":"58.1-2527","token":"58.1\/II\/25\/2\/58.1-2527","url":"\/58.1-2527\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-2527\/","token":"58.1\/II\/25\/2\/58.1-2527","dublin_core":{"Title":"Failure to pay estimated tax","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-2527","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> In case of any underpayment of estimated tax<\/span> by an insurance company<\/span>, there shall be added to the tax for the license year<\/span> interest determined at the rate set forth in § 58.1-15<\/a> upon the amount of the underpayment for the period of the underpayment. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> For purposes of subsection A, the amount of the underpayment shall be the excess of: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The amount of the installment which would be required to be paid if the estimated tax<\/span> were equal to 90 percent of the tax shown on the report for the license year<\/span>, over <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The amount, if any, of the installment paid on or before the last date prescribed for payment. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The period of the underpayment shall run from the date the installment was required to be paid to whichever of the following dates is the earlier: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The first day of the third month following the close of the taxable year<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> With respect to any portion of the underpayment, the date on which such portion is paid. For purposes of this paragraph, a payment of estimated tax<\/span> on any installment date shall be considered a payment of any previous underpayment only to the extent such payment exceeds the amount of the installment determined under subdivision B 1 for such installment date. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFAILURE TO PAY ESTIMATED TAX (\u00a7 58.1-2527)\n\nA. In case of any underpayment of estimated tax by an insurance company, there\nshall be added to the tax for the license year interest determined at the rate\nset forth in § 58.1-15 upon the amount of the underpayment for the period\nof the underpayment.\n\nB. For purposes of subsection A, the amount of the underpayment shall be the\nexcess of:\n\n 1. The amount of the installment which would be required to be paid if the\n estimated tax were equal to 90 percent of the tax shown on the report for the\n license year, over\n\n 2. The amount, if any, of the installment paid on or before the last date\n prescribed for payment.\n\nC. The period of the underpayment shall run from the date the installment was\nrequired to be paid to whichever of the following dates is the earlier:\n\n 1. The first day of the third month following the close of the taxable year.\n\n 2. With respect to any portion of the underpayment, the date on which such\n portion is paid. For purposes of this paragraph, a payment of estimated tax on\n any installment date shall be considered a payment of any previous\n underpayment only to the extent such payment exceeds the amount of the\n installment determined under subdivision B 1 for such installment date.\n\nHISTORY: Code 1950, \u00a7 58-502.6; 1968, c. 13; 1984, c. 675; 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}}