Virginia § 58.1-2527 - Failure to pay estimated tax
Full text of Virginia Code of Virginia § 58.1-2527 — Failure to pay estimated tax, with citation guidance and answers to common questions.
§ 58.1-2527. Failure to pay estimated tax
A. In case of any underpayment of estimated tax by an insurance company, there shall be added to the tax for the license year interest determined at the rate set forth in § 58.1-15 upon the amount of the underpayment for the period of the underpayment.
B. For purposes of subsection A, the amount of the underpayment shall be the excess of:
1. The amount of the installment which would be required to be paid if the estimated tax were equal to 90 percent of the tax shown on the report for the license year, over
2. The amount, if any, of the installment paid on or before the last date prescribed for payment.
C. The period of the underpayment shall run from the date the installment was required to be paid to whichever of the following dates is the earlier:
1. The first day of the third month following the close of the taxable year.
2. With respect to any portion of the underpayment, the date on which such portion is paid. For purposes of this paragraph, a payment of estimated tax on any installment date shall be considered a payment of any previous underpayment only to the extent such payment exceeds the amount of the installment determined under subdivision B 1 for such installment date.
Code 1950, § 58-502.6; 1968, c. 13; 1984, c. 675; 2013, cc. 29, 163.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 58.1-2527
What does Code of Virginia § 58.1-2527 cover?
Section 58.1-2527 ("Failure to pay estimated tax") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 58.1-2527?
A common citation format is "Code of Virginia § 58.1-2527" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 58.1-2527 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.