                                 CODE OF VIRGINIA

AMOUNT OF LICENSE TAX FOR COMPANY COMMENCING BUSINESS (§ 58.1-2505)

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.

HISTORY: Code 1950, § 58-488; 1952, c. 190; 1968, c. 13; 1984, c. 675; 2011, c.
850; 2013, cc. 29, 163.