{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-2629.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-2629.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-2629.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-2629.html"}],"law_id":85413,"edition_id":1,"section_id":85413,"structure_id":13178,"section_number":"58.1-2629","catch_line":"License taxes of corporations commencing business","history":"Code 1950, \u00a7\u00a7 58-504, 58-505; 1956, c. 69; 1984, c. 675; 1988, c. 899; 2002, c. 502.","full_text":"A\n\nCompanies or persons otherwise taxable under § 58.1-2626 but that begin business on or after the beginning of the tax year shall pay a license tax, the measure of which shall be an estimate of the gross receipts of such company or person for the year or for that part of the year in which it begins business. Such estimate shall be reported to the Commission on forms furnished by the Commission within thirty days after beginning business and the license tax measured thereby and assessed by the Commission shall be paid into the state treasury within thirty days after such assessment is made or by June 1 of the year if such assessment is made more than thirty days prior to June 1.B\n\nAny company or person subject to the provisions of subsection A shall, for the immediately following tax year, pay the license tax measured by an estimate of the gross receipts for the year beginning January 1 of the year following the year in which it began business. Such estimate of gross receipts shall be reported to the Commission within the time requirements prescribed by § 58.1-2628.C\n\nEvery estimate made under this section shall be subject to review by the Commission after the close of the year for which such estimate is made and any variance between the estimate and the actual gross receipts shall be adjusted by the Commission by order of refund or the assessment of additional license tax depending upon whether such estimate was in excess of or less than the actual gross receipts of such taxpayer for such year.","order_by":null,"text":{"0":{"id":305990,"text":"Companies or persons otherwise taxable under § 58.1-2626 but that begin business on or after the beginning of the tax year shall pay a license tax, the measure of which shall be an estimate of the gross receipts of such company or person for the year or for that part of the year in which it begins business. Such estimate shall be reported to the Commission on forms furnished by the Commission within thirty days after beginning business and the license tax measured thereby and assessed by the Commission shall be paid into the state treasury within thirty days after such assessment is made or by June 1 of the year if such assessment is made more than thirty days prior to June 1.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":305991,"text":"Any company or person subject to the provisions of subsection A shall, for the immediately following tax year, pay the license tax measured by an estimate of the gross receipts for the year beginning January 1 of the year following the year in which it began business. Such estimate of gross receipts shall be reported to the Commission within the time requirements prescribed by § 58.1-2628.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":305992,"text":"Every estimate made under this section shall be subject to review by the Commission after the close of the year for which such estimate is made and any variance between the estimate and the actual gross receipts shall be adjusted by the Commission by order of refund or the assessment of additional license tax depending upon whether such estimate was in excess of or less than the actual gross receipts of such taxpayer for such year.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":13178,"edition_id":1,"name":"License Tax on Telegraph, Telephone, Water, Heat, Light, Power and Pipeline Companies","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13177,"metadata":{},"date_created":"2026-06-26 03:44:23","date_modified":"2026-06-26 03:44:23","permalink":{"id":256117,"object_type":"structure","relational_id":13178,"identifier":"2","token":"58.1\/II\/26\/2","url":"\/58.1\/II\/26\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13177,"edition_id":1,"name":"Taxation of Public Service Corporations","identifier":"26","label":"chapter","depth":3,"order_by":1,"parent_id":12730,"metadata":{},"date_created":"2026-06-26 03:44:23","date_modified":"2026-06-26 03:44:23","permalink":{"id":256057,"object_type":"structure","relational_id":13177,"identifier":"26","token":"58.1\/II\/26","url":"\/58.1\/II\/26\/","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":54193,"structure_id":13178,"section_number":"58.1-2620","catch_line":"Basis of tax","url":"\/58.1-2620\/","token":"58.1\/II\/26\/2\/58.1-2620","metadata":false},{"id":73175,"structure_id":13178,"section_number":"58.1-2621","catch_line":"Repealed","url":"\/58.1-2621\/","token":"58.1\/II\/26\/2\/58.1-2621","metadata":false},{"id":55735,"structure_id":13178,"section_number":"58.1-2626","catch_line":"Annual state license tax on companies furnishing water, heat, light or power","url":"\/58.1-2626\/","token":"58.1\/II\/26\/2\/58.1-2626","metadata":false},{"id":57990,"structure_id":13178,"section_number":"58.1-2626.1","catch_line":"The Virginia Coal Employment and Production Incentive Tax Credit","url":"\/58.1-2626.1\/","token":"58.1\/II\/26\/2\/58.1-2626.1","metadata":false},{"id":83017,"structure_id":13178,"section_number":"58.1-2627","catch_line":"Exemptions","url":"\/58.1-2627\/","token":"58.1\/II\/26\/2\/58.1-2627","metadata":false},{"id":79382,"structure_id":13178,"section_number":"58.1-2627.1","catch_line":"Taxation of pipeline companies","url":"\/58.1-2627.1\/","token":"58.1\/II\/26\/2\/58.1-2627.1","metadata":false},{"id":86594,"structure_id":13178,"section_number":"58.1-2628","catch_line":"Annual report","url":"\/58.1-2628\/","token":"58.1\/II\/26\/2\/58.1-2628","metadata":false},{"id":85413,"structure_id":13178,"section_number":"58.1-2629","catch_line":"License taxes of corporations commencing business","url":"\/58.1-2629\/","token":"58.1\/II\/26\/2\/58.1-2629","metadata":false},{"id":74978,"structure_id":13178,"section_number":"58.1-2630","catch_line":"Gross receipts in cases of acquisition of business","url":"\/58.1-2630\/","token":"58.1\/II\/26\/2\/58.1-2630","metadata":false},{"id":66842,"structure_id":13178,"section_number":"58.1-2631","catch_line":"Gross receipts in cases of consolidation or merger","url":"\/58.1-2631\/","token":"58.1\/II\/26\/2\/58.1-2631","metadata":false},{"id":62274,"structure_id":13178,"section_number":"58.1-2632","catch_line":"Applicability of other provisions to corporations commencing business, acquiring other business, or consolidated or merged","url":"\/58.1-2632\/","token":"58.1\/II\/26\/2\/58.1-2632","metadata":false},{"id":81499,"structure_id":13178,"section_number":"58.1-2633","catch_line":"Assessment by Commission","url":"\/58.1-2633\/","token":"58.1\/II\/26\/2\/58.1-2633","metadata":false},{"id":64359,"structure_id":13178,"section_number":"58.1-2634","catch_line":"Copies of assessment forwarded to interested parties","url":"\/58.1-2634\/","token":"58.1\/II\/26\/2\/58.1-2634","metadata":false},{"id":83046,"structure_id":13178,"section_number":"58.1-2635","catch_line":"Date of payment of taxes","url":"\/58.1-2635\/","token":"58.1\/II\/26\/2\/58.1-2635","metadata":false},{"id":81349,"structure_id":13178,"section_number":"58.1-2636","catch_line":"Revenue share for solar energy projects and energy storage systems","url":"\/58.1-2636\/","token":"58.1\/II\/26\/2\/58.1-2636","metadata":false}],"previous_section":{"id":86594,"structure_id":13178,"section_number":"58.1-2628","catch_line":"Annual report","url":"\/58.1-2628\/","token":"58.1\/II\/26\/2\/58.1-2628","metadata":false},"next_section":{"id":74978,"structure_id":13178,"section_number":"58.1-2630","catch_line":"Gross receipts in cases of acquisition of business","url":"\/58.1-2630\/","token":"58.1\/II\/26\/2\/58.1-2630","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-2629\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 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 1956, chapter 69; in 1984, chapter 675; in 1988, chapter 899; in 2002, chapter 502<\/a>.<\/p>","references":[{"id":74978,"section_number":"58.1-2630","catch_line":"Gross receipts in cases of acquisition of business","order_by":null,"url":"\/58.1-2630\/"},{"id":62274,"section_number":"58.1-2632","catch_line":"Applicability of other provisions to corporations commencing business, acquiring other business, or consolidated or merged","order_by":null,"url":"\/58.1-2632\/"}],"refers_to":[{"id":55735,"section_number":"58.1-2626","catch_line":"Annual state license tax on companies furnishing water, heat, light or power","order_by":null,"url":"\/58.1-2626\/"}],"permalink":{"id":256147,"object_type":"law","relational_id":85413,"identifier":"58.1-2629","token":"58.1\/II\/26\/2\/58.1-2629","url":"\/58.1-2629\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-2629\/","token":"58.1\/II\/26\/2\/58.1-2629","dublin_core":{"Title":"License taxes of corporations commencing business","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-2629","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Companies or persons otherwise taxable under § 58.1-2626<\/a> but that begin business on or after the beginning of the tax year shall pay a license tax, the measure of which shall be an estimate of the gross receipts of such company or person for the year or for that part of the year in which it begins business. Such estimate shall be reported to the Commission on forms furnished by the Commission within thirty days after beginning business and the license tax measured thereby and assessed by the Commission shall be paid into the state treasury within thirty days after such assessment is made or by June 1 of the year if such assessment is made more than thirty days prior to June 1. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Any company or person subject to the provisions of subsection A shall, for the immediately following tax year, pay the license tax measured by an estimate of the gross receipts for the year beginning January 1 of the year following the year in which it began business. Such estimate of gross receipts shall be reported to the Commission within the time requirements prescribed by § 58.1-2628<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Every estimate made under this section shall be subject to review by the Commission after the close of the year for which such estimate is made and any variance between the estimate and the actual gross receipts shall be adjusted by the Commission by order<\/span> of refund or the assessment of additional license tax depending upon whether such estimate was in excess of or less than the actual gross receipts of such taxpayer<\/span> for such year. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLICENSE TAXES OF CORPORATIONS COMMENCING BUSINESS (\u00a7 58.1-2629)\n\nA. Companies or persons otherwise taxable under § 58.1-2626 but that begin\nbusiness on or after the beginning of the tax year shall pay a license tax, the\nmeasure of which shall be an estimate of the gross receipts of such company or\nperson for the year or for that part of the year in which it begins business.\nSuch estimate shall be reported to the Commission on forms furnished by the\nCommission within thirty days after beginning business and the license tax\nmeasured thereby and assessed by the Commission shall be paid into the state\ntreasury within thirty days after such assessment is made or by June 1 of the\nyear if such assessment is made more than thirty days prior to June 1.\n\nB. Any company or person subject to the provisions of subsection A shall, for\nthe immediately following tax year, pay the license tax measured by an estimate\nof the gross receipts for the year beginning January 1 of the year following the\nyear in which it began business. Such estimate of gross receipts shall be\nreported to the Commission within the time requirements prescribed by §\n58.1-2628.\n\nC. Every estimate made under this section shall be subject to review by the\nCommission after the close of the year for which such estimate is made and any\nvariance between the estimate and the actual gross receipts shall be adjusted by\nthe Commission by order of refund or the assessment of additional license tax\ndepending upon whether such estimate was in excess of or less than the actual\ngross receipts of such taxpayer for such year.\n\nHISTORY: Code 1950, \u00a7\u00a7 58-504, 58-505; 1956, c. 69; 1984, c. 675; 1988, c.\n899; 2002, c. 502.","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}}