38.2-3812 - Tax on gross premium receipts. - Virginia Statutes

§ 38.2-3812. Tax on gross premium receipts.

The officers of each company shall, at the time of making the annualstatement, file with the Commission a sworn statement of its gross premiumreceipts collected from members residing in this Commonwealth for thepreceding year ending December 31. Each company shall pay into the statetreasury by March 1 of each year, a tax of one percent on its collected grosspremiums. The tax shall be in lieu of all other taxes, state, county ormunicipal, based on such gross premium receipts. No city, town, municipalityor other subdivision of the Commonwealth shall impose any license fee on thecompany or any of its agents for the privilege of conducting business in anyportion of this Commonwealth. In determining such gross premium receipts, thecompany shall not take credit for any expenditures.

(Code 1950, § 38-494; 1952, c. 317, § 38.1-511; 1986, c. 562; 1987, cc. 565,655.)