{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-2528.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-2528.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-2528.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-2528.html"}],"law_id":75669,"edition_id":1,"section_id":75669,"structure_id":13946,"section_number":"58.1-2528","catch_line":"Exception to \u00a7 58.1-2527","history":"Code 1950, \u00a7 58-502.6; 1968, c. 13; 1984, c. 675; 2011, c. 850.","full_text":"A\n\nNotwithstanding the provisions of \u00a7 58.1-2527, the addition to the tax with respect to any underpayment of any installment shall not be imposed if the total amount of all payments of estimated tax made on or before the last date prescribed for the payment of such installment equals or exceeds the amount which would have been required to be paid on or before such date if the estimated tax were whichever of the following is the lesser:1\n\nThe tax as ascertained for the preceding license year, and the tax for such preceding license year was computed on the basis of a taxable year of 12 months.2\n\nAn amount equal to the tax computed at the rate applicable to the license year but otherwise on the basis of the facts shown on the report of the insurance company for, and the law applicable to, the preceding license year.3\n\nAn amount equal to 90 percent of the tax measured by direct gross premium income received or derived in the taxable year computed by placing on an annualized basis the taxable direct gross premium income:\n\t\t\t\ta. For the first three months of the taxable year, in the case of the installment required to be paid in the fourth month,\n\t\t\t\tb. For the first three months or for the first five months of the taxable year, in the case of the installment required to be paid in the sixth month,\n\t\t\t\tc. For the first six months or for the first eight months of the taxable year, in the case of the installment required to be paid in the ninth month, and\n\t\t\t\td. For the first nine months or for the first 11 months of the taxable year, in the case of the installment required to be paid in the twelfth month of the taxable year.B\n\nFor purposes of subdivision A 3, the taxable direct gross premium income shall be placed on an annualized basis by multiplying by twelve the taxable direct gross premium income referred to in subdivision A 3, and dividing the resulting amount by the number of months in the taxable year (three, five, six, eight, nine, or 11, as the case may be) referred to in subdivision A 3.C\n\nThe application of this section to taxable years of less than 12 months shall be in accordance with guidelines prescribed by the Department.","order_by":null,"text":{"0":{"id":271769,"text":"Notwithstanding the provisions of \u00a7 58.1-2527, the addition to the tax with respect to any underpayment of any installment shall not be imposed if the total amount of all payments of estimated tax made on or before the last date prescribed for the payment of such installment equals or exceeds the amount which would have been required to be paid on or before such date if the estimated tax were whichever of the following is the lesser:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":271770,"text":"The tax as ascertained for the preceding license year, and the tax for such preceding license year was computed on the basis of a taxable year of 12 months.","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":271771,"text":"An amount equal to the tax computed at the rate applicable to the license year but otherwise on the basis of the facts shown on the report of the insurance company for, and the law applicable to, the preceding license year.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":271772,"text":"An amount equal to 90 percent of the tax measured by direct gross premium income received or derived in the taxable year computed by placing on an annualized basis the taxable direct gross premium income:\n\t\t\t\ta. For the first three months of the taxable year, in the case of the installment required to be paid in the fourth month,\n\t\t\t\tb. For the first three months or for the first five months of the taxable year, in the case of the installment required to be paid in the sixth month,\n\t\t\t\tc. For the first six months or for the first eight months of the taxable year, in the case of the installment required to be paid in the ninth month, and\n\t\t\t\td. For the first nine months or for the first 11 months of the taxable year, in the case of the installment required to be paid in the twelfth month of the taxable year.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":271773,"text":"For purposes of subdivision A 3, the taxable direct gross premium income shall be placed on an annualized basis by multiplying by twelve the taxable direct gross premium income referred to in subdivision A 3, and dividing the resulting amount by the number of months in the taxable year (three, five, six, eight, nine, or 11, as the case may be) referred to in subdivision A 3.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3","next_prefix":"C"},"5":{"id":271774,"text":"The application of this section to taxable years of less than 12 months shall be in accordance with guidelines prescribed by the Department.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-2528\/","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 2011, chapter 850<\/a>.<\/p>","references":false,"refers_to":[{"id":55003,"section_number":"58.1-2527","catch_line":"Failure to pay estimated tax","order_by":null,"url":"\/58.1-2527\/"}],"permalink":{"id":256033,"object_type":"law","relational_id":75669,"identifier":"58.1-2528","token":"58.1\/II\/25\/2\/58.1-2528","url":"\/58.1-2528\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-2528\/","token":"58.1\/II\/25\/2\/58.1-2528","dublin_core":{"Title":"Exception to \u00a7 58.1-2527","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-2528","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Notwithstanding the provisions of \u00a7 58.1-2527<\/a>, the addition to the tax with respect to any underpayment of any installment shall not be imposed if the total amount of all payments of estimated tax<\/span> made on or before the last date prescribed for the payment of such installment equals or exceeds the amount which would have been required to be paid on or before such date if the estimated tax<\/span> were whichever of the following is the lesser: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The tax as ascertained for the preceding license year<\/span>, and the tax for such preceding license year<\/span> was computed on the basis of a taxable year<\/span> of 12 months. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> An amount equal to the tax computed at the rate applicable to the license year<\/span> but otherwise on the basis of the facts<\/span> shown on the report of the insurance company<\/span> for, and the law<\/span> applicable to, the preceding license year<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> An amount equal to 90 percent of the tax measured by direct gross premium income<\/span> received or derived in the taxable year<\/span> computed by placing on an annualized basis the taxable direct gross premium income<\/span>:\n\t\t\t\ta. For the first three months of the taxable year<\/span>, in the case of the installment required to be paid in the fourth month,\n\t\t\t\tb. For the first three months or for the first five months of the taxable year<\/span>, in the case of the installment required to be paid in the sixth month,\n\t\t\t\tc. For the first six months or for the first eight months of the taxable year<\/span>, in the case of the installment required to be paid in the ninth month, and\n\t\t\t\td. For the first nine months or for the first 11 months of the taxable year<\/span>, in the case of the installment required to be paid in the twelfth month of the taxable year<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> For purposes of subdivision A 3, the taxable direct gross premium income<\/span> shall be placed on an annualized basis by multiplying by twelve the taxable direct gross premium income<\/span> referred to in subdivision A 3, and dividing the resulting amount by the number of months in the taxable year<\/span> (three, five, six, eight, nine, or 11, as the case may be) referred to in subdivision A 3. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The application of this section to taxable years<\/span> of less than 12 months shall be in accordance with guidelines prescribed by the Department<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEXCEPTION TO \u00a7 58.1-2527 (\u00a7 58.1-2528)\n\nA. Notwithstanding the provisions of \u00a7 58.1-2527, the addition to the tax with\nrespect to any underpayment of any installment shall not be imposed if the total\namount of all payments of estimated tax made on or before the last date\nprescribed for the payment of such installment equals or exceeds the amount\nwhich would have been required to be paid on or before such date if the\nestimated tax were whichever of the following is the lesser:\n\n 1. The tax as ascertained for the preceding license year, and the tax for such\n preceding license year was computed on the basis of a taxable year of 12\n months.\n\n 2. An amount equal to the tax computed at the rate applicable to the license\n year but otherwise on the basis of the facts shown on the report of the\n insurance company for, and the law applicable to, the preceding license year.\n\n 3. An amount equal to 90 percent of the tax measured by direct gross premium\n income received or derived in the taxable year computed by placing on an\n annualized basis the taxable direct gross premium income:\n \t\t\t\ta. For the first three months of the taxable year, in the case of the\n installment required to be paid in the fourth month,\n \t\t\t\tb. For the first three months or for the first five months of the taxable\n year, in the case of the installment required to be paid in the sixth month,\n \t\t\t\tc. For the first six months or for the first eight months of the taxable\n year, in the case of the installment required to be paid in the ninth month,\n and\n \t\t\t\td. For the first nine months or for the first 11 months of the taxable\n year, in the case of the installment required to be paid in the twelfth month\n of the taxable year.\n\nB. For purposes of subdivision A 3, the taxable direct gross premium income\nshall be placed on an annualized basis by multiplying by twelve the taxable\ndirect gross premium income referred to in subdivision A 3, and dividing the\nresulting amount by the number of months in the taxable year (three, five, six,\neight, nine, or 11, as the case may be) referred to in subdivision A 3.\n\nC. The application of this section to taxable years of less than 12 months shall\nbe in accordance with guidelines prescribed by the Department.\n\nHISTORY: Code 1950, \u00a7 58-502.6; 1968, c. 13; 1984, c. 675; 2011, c. 850.","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}}