58.1-2504 - Companies commencing business. - Virginia Statutes

§ 58.1-2504. Companies commencing business.

A. The license tax on a company commencing business in the Commonwealth shallbe paid to the Commission before the license is issued. If a payment is madein an amount subsequently found to be in error, the Commission shall, if anadditional amount is due, notify the taxpayer of the additional amount dueand the company shall pay such amount within fourteen days of the date of thenotice, and, if an overpayment is made, order a refund as provided for in §58.1-2505.

B. No license shall be issued for less than a year except to a company whenit first commences business in the Commonwealth, in which case the initiallicense shall be issued for that part of the year from the date of theissuance of the license to June 30 following.

(Code 1950, §§ 58-487, 58-489; 1952, c. 190; 1968, c. 13; 1978, c. 4; 1984,c. 675.)