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Change in Administration
During the 2011 Session, the Virginia General Assembly enacted Senate Bill 1124, which transferred the administration of the Tax ("PLT") from the State Corporation Commission's Bureau of Insurance ("BOI") to the Department of Taxation ("the Department"), effective January 1, 2013.
Taxpayers must file their annual PLT returns and Retaliatory Tax Reports (Schedule 800 RET) for Taxable Year 2012, which were due March 1, 2013, with the BOI. All subsequent PLT returns, Retaliatory Tax Reports, and declarations of estimated payments must be filed with the Department.
For more information on the change in administration, visit the Insurance Premiums License Tax web page located on the Departments website at www.tax.virginia.gov/Insurance.
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Insurance Company
Filing Requirements
File your Taxable Year 2013 PLT estimated payments with the Department. The PLT estimated payments are due on or before April 15, June 15, September 15, and December 15, 2013.
Any insurance company with an annual direct gross PLT liability that is expected to exceed $3,000 is required to file estimated payments throughout the year. This $3,000 limitation is imposed after accounting for any applicable tax credits. Insurance companies must use Form 800ES to calculate estimated payments. This form provides instructions for calculating the amount of estimated PLT an insurance company should pay, as well as the amount and due date for each estimated tax payment. Insurance companies may submit payments electronically via the Department's website at www.tax.virginia.gov.
Any insurance company with an annual direct gross PLT liability that is not expected to exceed $3,000, after all applicable tax credits have been utilized, is not required to file declarations of estimated PLT for that year. Such a taxpayer would pay any PLT with the annual tax report due on March 1 of the year following the taxable year.
If an insurance company, excluding Risk Retention Groups, commenced business in Virginia during the 2013 calendar year, the company would have declared its initial declaration of estimated PLT for the calendar year and if applicable, made payment when registering for the PLT with the Department. Such an insurance company is not required to make estimated payments during the same calendar year.
For more information, visit the Insurance Premiums License Tax web page located on the Department's website at www.tax.virginia.gov/Insurance.
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Insurance Company Payment Options
The Department provides secure online options through its Business iFile and eForms systems for making estimated payments electronically. Making electronic payments is free, fast, and easy. In addition, you can make payments using an ACH Credit transaction through your bank. Visit the Department's website at www.tax.virginia.gov for more information on electronic payment options for PLT estimated payments.
If you are unable to submit your estimated payment electronically, Form 800ES is available to download and print for paper submission.
Your Virginia Tax Account Number for the Insurance Premiums License Tax is very important. Always use the entire 15-character tax account number when filing reports, making payments, or contacting the Department.
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Important Points to Remember
The Bureau of Insurance will continue to license insurance companies, conduct regulatory audit examinations and administer the annual maintenance assessments; the Fire Programs Fund; the Dam Safety, Flood Prevention and Protective Assistance Fund; the programs to reduce losses from motor vehicle thefts; and the programs to reduce losses from insurance fraud.
In addition, the BOI's responsibilities include processing tax reports, payments and billings, and providing customer services for returns and bills for Taxable Year 2012 and prior years. For more information, visit the BOI's website at www.scc.virginia.gov/boi or contact the BOI at (804) 371-9096.
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