38.2-409 - Installment payment of estimated assessment.
§ 38.2-409. Installment payment of estimated assessment.
A. The amount of estimated assessment, as defined in subsection B of §38.2-407 for which a declaration is required under § 38.2-407 shall be paidin installments as follows:
1. If the declaration is required to be filed by April 15 of the assessableyear, twenty-five percent of the estimated assessment shall be paid on April,June, September and December 15 respectively of the assessable year.
2. If the declaration is required to be filed by June 15 of the assessableyear, one-third of the estimated assessment shall be paid on June, Septemberand December 15 respectively of the assessable year.
3. If the declaration is required to be filed by September 15 of theassessable year, one-half of the estimated assessment shall be paid onSeptember and December 15 respectively of the assessable year.
4. If the declaration is required to be filed by December 15 of theassessable year, 100 percent of the estimated assessment shall be paid on thesame date the declaration is filed.
B. A declaration is timely filed if it is filed on or before the dateprescribed by subsection A of § 38.2-408. The timeliness of filing shall bedetermined without regard to any extension of time for filing the declaration.
C. If the declaration is filed after the time prescribed in subsection A of §38.2-408, determined without regard to any extension of time for filing thedeclaration, all estimated assessment installments shall be paid at the timeof the filing which would have been payable on or before that time if thedeclaration had been filed within the prescribed time. The remaininginstallments shall be paid at the times and in the amounts that would havebeen payable if the declaration had been filed within the time prescribed.
D. If any amendment of a declaration is filed, the amount of each remaininginstallment shall be the amount of the last installment due subject to thefollowing adjustment. Each installment shall be increased or decreased bythe amount computed by dividing (i) the difference between the current amountof estimated assessment and the amended amount of estimated assessment by(ii) the number of installments remaining to be paid.
E. The Commission shall determine the application of this section toassessable years of less than twelve months.
F. A company may prepay any installment of the estimated assessment.
G. Payment of the estimated assessment or any installment thereof shall beconsidered payment on account of the assessment imposed by this chapter forthe license year.
H. The Commission may grant a reasonable extension of time for (i) payment ofestimated assessment, or any installment or (ii) filing any declarationpursuant to this chapter, on condition that interest shall be paid on theamount involved at the rate of three-quarters of one percent per month orfraction thereof from the time the payment was due until the time of payment. Whenever a company, without having been granted an extension, fails to makepayment of the estimated assessment or any installment, or fails to file anydeclaration as required by this chapter, it shall pay interest on the amountinvolved at the rate of one percent per month or fraction thereof from thetime payment was due until the time of payment.
(1977, c. 317, § 38.1-48.4; 1986, c. 562.)