Virginia Code 58.1-2502: Exemptions and exclusions.
Nothing in this chapter shall be construed to require any tax, other than taxes imposed upon property and the license tax imposed by § 38.2-4127:
Terms Used In Virginia Code 58.1-2502
- City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
- Company: means any association, aggregation of individuals, business, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or inter-insurance exchange, trustee or society. 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
1. Upon fraternal benefit societies as defined in § 38.2-4100.
2. Upon any mutual assessment fire insurance company as defined in §§ 38.2-2501 and 38.2-2503 which (i) confines its business to not more than four contiguous counties and cities located therein and wholly surrounded thereby in the Commonwealth, if any such city has a population of not more than 30,000, or (ii) confines its business to more than four contiguous counties in the Commonwealth if such counties together have a population not in excess of 100,000.
3. Upon premiums derived from workers’ compensation insurance on which a premium tax is imposed under the provisions of § 65.2-1000.
4. Upon consideration for contracts for annuities as defined in § 38.2-106.
Code 1950, §§ 58-493, 58-494; 1952, c. 190; 1956, c. 527; 1960, c. 452; 1977, c. 248; 1984, c. 675.