                                 CODE OF VIRGINIA

LICENSE TAXES OF CORPORATIONS COMMENCING BUSINESS (§ 58.1-2629)

A. Companies or persons otherwise taxable under &#xA7; 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. 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 &#xA7;
58.1-2628.

C. 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.

HISTORY: Code 1950, §§ 58-504, 58-505; 1956, c. 69; 1984, c. 675; 1988, c.
899; 2002, c. 502.