Virginia Code 58.1-2524: Payments are on account of tax for license year.
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Payment of the estimated tax or any installment thereof shall be considered payment on account of the license tax imposed by this chapter for the license year.
Terms Used In Virginia Code 58.1-2524
- Estimated tax: means the amount which the insurance company estimates as the amount of the tax imposed by this chapter for the license year, measured by direct gross premium income received or derived in the taxable year. See Virginia Code 58.1-2500
- License year: means the 12-month period beginning on July 1 next succeeding the taxable year and ending on June 30 of the subsequent year. See Virginia Code 58.1-2500
- Tax: means the amount derived by multiplying the direct gross premium income in the taxable year by the tax rate. See Virginia Code 58.1-2500
Code 1950, § 58-502.4; 1968, c. 13; 1972, c. 153; 1984, c. 675.