Virginia Code 58.1-2530: Double taxation respecting same direct gross premium income negated.
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This chapter shall not be construed as requiring the inclusion in the base for measuring the tax imposed by this chapter for any year any direct gross premium income which had been previously included in the base for measuring the tax imposed by this chapter respecting any license year or part thereof, and the tax paid thereon.
Terms Used In Virginia Code 58.1-2530
- Direct gross premium income: means the gross amount of all premiums, assessments, dues and fees collected, received or derived, or obligations taken therefor, from business in this Commonwealth during each year ending December 31, excluding premiums received for reinsurance assumed from licensed insurance companies, without any deduction for dividends paid or deduction on any other account except for premiums returned on cancelled policies, or on account of reduction in rates or reduction in the amount insured, and excluding premiums received or derived to provide insurance of the kinds classified in §§ 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, § 58-502.9; 1968, c. 13; 1984, c. 675.