Pursuant to Section 58.1-2510 of the Code of Virginia, qualified domestic insurers shall be allowed a credit against the premium license tax in an amount equal to the retaliatory costs incurred during the corresponding taxable year as a result of retaliatory costs paid to other states. The Application for Credit and Refund of Excess Tax Based on Retaliatory Costs must be completed in order to take advantage of this tax credit and refund. The original application must be completed and filed with the tax packet by March 1st of each year. The application is available from the link below:

Application for Credit and Refund of Excess Tax Based on Retaliatory Costs

Pursuant to Section 58.1-2502 of the Code of Virginia, any mutual assessment fire insurance company as defined in Sections 58.1-2501 and 58.1-2503 which (i) confines its business to not more than four contiguous counties and cities located within those counties whose population is 30,000 or less, or (ii) confines its business to more than four contiguous counties whose combined population is 100,000 or less is exempt from paying premium license tax. A Statement of Exemption (Form 44) must be completed and filed with the annual tax packet by March 1st of each year. Form 44 is available from the link below:

Form 44 – Statement of Exemption