58.1-2629 - License taxes of corporations commencing business. - Virginia Statutes

§ 58.1-2629. License taxes of corporations commencing business.

A. Companies or persons otherwise taxable under § 58.1-2626 but that beginbusiness 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 suchcompany or person for the year or for that part of the year in which itbegins business. Such estimate shall be reported to the Commission on formsfurnished by the Commission within thirty days after beginning business andthe license tax measured thereby and assessed by the Commission shall be paidinto the state treasury within thirty days after such assessment is made orby June 1 of the year if such assessment is made more than thirty days priorto June 1.

B. Any company or person subject to the provisions of subsection A shall, forthe immediately following tax year, pay the license tax measured by anestimate of the gross receipts for the year beginning January 1 of the yearfollowing the year in which it began business. Such estimate of grossreceipts shall be reported to the Commission within the time requirementsprescribed by § 58.1-2628.

C. Every estimate made under this section shall be subject to review by theCommission after the close of the year for which such estimate is made andany variance between the estimate and the actual gross receipts shall beadjusted by the Commission by order of refund or the assessment of additionallicense tax depending upon whether such estimate was in excess of or lessthan the actual gross receipts of such taxpayer for such year.

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