Pursuant to Section 58.1-2510 of the Code
of Virginia, qualified domestic insurers shall be allowed a credit
against the premium license tax in an amount equal to the retaliatory
costs incurred during the corresponding taxable year as a result
of retaliatory costs paid to other states. The Application for
Credit and Refund of Excess Tax Based on Retaliatory Costs must
be completed in order to take advantage of this tax credit and
refund. The original application must be completed and
filed with the tax packet by March 1st of each year.
The application is available from the link below:
Application for
Credit and Refund of Excess Tax Based on Retaliatory Costs
Pursuant to Section 58.1-2502 of the Code of Virginia, any mutual
assessment fire insurance company as defined in Sections 58.1-2501
and 58.1-2503 which (i) confines its business to not more than
four contiguous counties and cities located within those counties
whose population is 30,000 or less, or (ii) confines its business
to more than four contiguous counties whose combined population
is 100,000 or less is exempt from paying premium license tax.
A Statement of Exemption (Form 44) must be completed and
filed with the annual tax packet by March 1st of each year.
Form 44 is available from the link below:
Form 44 –
Statement of Exemption
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