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1997 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 58.1-2508 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-2508. Taxes applicable to insurance companies.
A. The real estate and tangible personal property, situated or located in the Commonwealth, of every such company and every fraternal benefit society transacting insurance in the Commonwealth shall be listed and assessed on the land and property books of the commissioner of the revenue in the same manner as other real estate and tangible personal property are assessed, and shall be taxed at the same rates as other like property is taxed.
B. The license tax provided in this chapter, the tax on real estate and
tangible personal property provided for in subsection A, the fee assessed by
the Commission for the administration of the insurance laws pursuant to §
38.2-400 et seq., the fee assessed by the Commission for the Fire Programs Fund
pursuant to § 38.2-401, the fee assessed by the Commission for the
Flood Prevention and Protection Assistance Fund pursuant to §
38.2-401.1, the fee assessed by the Commission to fund the program to
reduce losses from motor vehicle thefts pursuant to § 38.2-414, and
retaliatory amounts assessed by the Commission pursuant to § 38.2-1026
shall be in lieu of all fees, licenses, taxes and levies whatsoever, state,
county, city or town; however, nothing in this section shall be construed to
exempt insurance companies from the tax levied in Chapter 6 of this title. No
additional fee or license tax shall be applicable to an agent of an insurance
company other than the annual license fee on agents required pursuant to
Article 3 (§ 38.2-1822 et seq.) of Chapter 18 of Title 38.2.
2. That §§ 38.2-137 and 38.2-401.1 of the Code of Virginia are repealed.
3. That the provisions of this act shall become effective if ITEM 420 6H is funded as part of the general appropriation act.