                                 CODE OF VIRGINIA

PAYMENT OF ESTIMATED TAX (§ 58.1-2523)

A. The amount of estimated tax with respect to which a declaration is required
under § 58.1-2520 shall be paid in installments as follows:

   1. If the declaration is required to be filed by April 15 of the taxable year,
   twenty-five percent of the estimated tax shall be paid on April, June,
   September and December 15 of said taxable year.

   2. If the declaration is required to be filed by June 15 of the taxable year,
   one-third of the estimated tax shall be paid on June, September and December
   15 of said taxable year.

   3. If the declaration is required to be filed by September 15 of the taxable
   year, one-half of the estimated tax shall be paid on September and December 15
   of said taxable year.

   4. If the declaration is required to be filed by December 15 of the taxable
   year, 100 percent of the estimated tax shall be paid on the same date such
   declaration is filed.

B. If any amendment to a declaration is filed, the amount of any remaining
installments shall be the amount which would have been payable if the new
estimate had been made when the first estimate for the taxable year was made,
increased or decreased, as the case may be, by the amount computed by dividing:
(1) The difference between (a) the amount of estimated tax required to be paid
before the date on which the amendment is made, and (b) the amount of estimated
tax which would have been required to be paid before such date if the new
estimate had been made when the first estimate was made, by (2) the number of
installments remaining to be paid on or after the date on which the amendment is
made.

C. At the election of the insurance company, any installment of the estimated
tax may be paid before the date prescribed for its payment.

HISTORY: Code 1950, § 58-502.4; 1968, c. 13; 1972, c. 153; 1984, c. 675.