Section 58.1-2611 - Penalty for failure to pay taxA. Any person failing to pay the tax levied pursuant to this chapter into the state treasury within the time prescribed by law shall incur a penalty thereon of ten percent, which shall be added to the amount of the tax due.B. Notwithstanding the provisions of subsection A, such penalty shall not accrue in any case unless the State Corporation Commission or the Department, as the case may be, mails the person a certified copy of the assessment on or before May 15 preceding. In the event such copy is not mailed on or before May 15 preceding, the penalty for nonpayment in time shall not accrue until the close of the fifteenth day next following the mailing of such certified copy of the assessment.Code 1950, §§ 58-514.1, 58-537, 58-561, 58-587, 58-601, 58-614, 58-626; 1956, c. 495; 1972, c. 813; 1983, c. 570; 1984, c. 675; 1999, c. 971.Amended by Acts 1999, c. 971.Amended by Acts 1984, c. 675.Amended by Acts 1983, c. 570.Amended by Acts 1972, c. 813.Amended by Acts 1956, c. 495.