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Virginia 500EC - Modified Net Income Tax Return for Electric Cooperatives
Extracted from PDF file 2023-virginia-form-500ec.pdf, last modified August 2023500EC - Modified Net Income Tax Return for Electric Cooperatives
Form 500EC Virginia Department of Taxation P.O. Box 1500 Richmond, VA 23218-1500 2023 Virginia Electric Cooperative Modified Net Income Tax Return *VAECOP123888* FISCAL year filer or SHORT year filer: ENTER beginning date____________ , 2023, and ending date___________,________ , and CHECK HERE FEIN Check if – Mailing Address Change Name Amended Return Enter reason code:__________ Mailing Address Final Return / Close Account (No longer liable for tax) City or Town State Date Incorporated State and Country of Incorporation ZIP Code Description of Business Activity NAICS Code 1. Total revenue from electricity sales in Virginia........................................................................................................ 1. .00 2. Total revenue from electricity sales to members in Virginia..................................................................................... 2. .00 3. Revenue from electricity sales to nonmembers in Virginia (Subtract Line 2 from Line 1)....................................... 3. .00 4. Nonmember share of ordinary and necessary expenses (From Line 22 or Line 25).............................................. 4. .00 5. Modified net income (Subtract Line 4 from Line 3).................................................................................................. 5. .00 6. Tax (6% of Line 5)................................................................................................................................................... 6. .00 7. Tax credits (Enter the sum of Section 2, Line 1B and Section 4, Line 1A from Schedule 500CR – see instructions).......... 7. .00 8. Modified net income tax (Subtract Line 7 from Line 6). Also, enter on Line 5 of Schedule 500MT......................... 8. .00 8a. Tax amount (Enter the amount from Line 12, Schedule 500MT )............................................................................ 8a. 9. Payments: (a) 2023 estimated Virginia tax payments........................................................................................... 9a. .00 .00 (b) Extension payment and other payments........................................................................................ 9b. Total payments and credits [Add Lines 9a and 9b]............................................................................................ .00 10. Tax due (Subtract Line 9 from Line 8a)................................................................................................................... 10. .00 11. Penalty (see instructions)........................................................................................................................................ 11. .00 12. Interest (see instructions)........................................................................................................................................ 12. .00 13. Additional charge (Enclose Form 500C)................................................................................................................. 13. 14. Total due (Add Lines 10 through 13). Enclose Form 500V with payment or, if paid by EFT, check this box:............... 14. .00 15. Overpayment (If Line 9 is larger than Line 8a, subtract Line 8a from 9 and enter the overpayment)..................... 15. .00 16. Amount of the overpayment on Line 15 to be credited to 2024 estimated tax........................................................ 16. .00 17. Amount to be refunded (Subtract Line 16 from Line 15)......................................................................................... 17. .00 Method 1 Va. Dept. of Taxation 2601092-W Rev. 08/23 .00 9. .00 Nonmember Ordinary and Necessary Expenses – Use Either Method 1 or Method 2. 18. Expenses entirely attributable to electricity sales to nonmembers in Virginia. (Enclose schedule)........................ 18. .00 19. Other expenses not entirely attributable to electricity sales to either members or nonmembers in Virginia................ 19. Nonmember Sales ............................................................................. 20. 20. Nonmember ratio of electric sales: Total Sales .00 21. Amount of other expenses allocated to electricity sales to nonmembers in Virginia. (Line 19 times Line 20).............. 21. .00 22. Nonmember share of expenses: (Line 18 plus Line 21). Enter here and on Line 4................................................ 22. Method 2 Nonmember Sales 23. Nonmember ratio of electric sales: ............................................................................. 23. Total Sales 24. Total expenses attributed to All electricity sales in Virginia...................................................................................... 24. .00 25. Nonmember share of expenses: (Multiply Line 23 by Line 24). Enter here and on Line 4...................................... 25. .00 % % .00 Mail this return to the Virginia Department of Taxation, P.O. Box 1500, Richmond, Virginia 23218-1500 on or before the 15th day of the 4th month following the close of the taxable year. Make checks payable to the Virginia Department of Taxation. I, the undersigned president, vice-president, treasurer, assistant treasurer, chief accounting officer, or other officer duly authorized to act on behalf of the cooperative for which this return is made, declare under the penalties provided by law that this return (including any accompanying schedules and statements) has been examined by me and is, to the best of my knowledge and belief, a true, correct, and complete return, made in good faith, for the taxable year stated, pursuant to the income tax laws of the Commonwealth of Virginia. If this return was prepared by a person other than the taxpayer, this declaration is based on all information of which such person has any knowledge. Date Signature of Officer Title Printed Name of Officer Phone Number Print Preparer’s Name and Firm Name Phone Number Date Preparers FEIN, PTIN, or SSN Individual or Firm, Signature of Preparer Address of Preparer Approved Vendor Code
2023 Form 500EC - Virginia Electric Cooperative Modified Net Income Tax Return
More about the Virginia Form 500EC Corporate Income Tax Tax Return TY 2023
We last updated the 500EC - Modified Net Income Tax Return for Electric Cooperatives in January 2024, so this is the latest version of Form 500EC, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 500EC directly from TaxFormFinder. You can print other Virginia tax forms here.
Other Virginia Corporate Income Tax Forms:
TaxFormFinder has an additional 135 Virginia income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form RR 6-2 | RR 6-2 (1601110) Class 6 - Schedule 2 - Machinery, Equipment and Apparatus, Etcetera |
| Form BRU | Application for Barge and Rail Usage Tax Credit |
| Form ITF | Application for International Trade Facility Tax Credit |
| Form GJC | GJC -Application for Green Jobs Creation Tax Credit |
| Form 770 | VA Fiduciary Income Tax Return |
View all 136 Virginia Income Tax Forms
Form Sources:
Virginia usually releases forms for the current tax year between January and April. We last updated Virginia Form 500EC from the Department of Taxation in January 2024.
Form 500EC is a Virginia Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Virginia Form 500EC
We have a total of thirteen past-year versions of Form 500EC in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 500EC
2023 Form 500EC - Virginia Electric Cooperative Modified Net Income Tax Return
2022 Form 500EC
2022 Form 500EC - Virginia Electric Cooperative Modified Net Income Tax Return
2021 Form 500EC
2021 Form 500EC - Virginia Electric Cooperative Modified Net Income Tax Return
2020 Form 500EC
2020 Form 500EC - Virginia Electric Cooperative Modified Net Income Tax Return
2019 Form 500EC
2019 Form 500EC - Virginia Electric Cooperative Modified Net Income Tax Return
2018 Form 500EC
2018 Form 500EC - Virginia Electric Cooperative Modified Net Income Tax Return
2017 Form 500EC
2017 Form 500EC - Virginia Electric Cooperative Modified Net Income Tax Return
2016 Form 500EC
Form 500EC - 2016 Virginia Electric Cooperative Modified Net Income Tax Return
2015 Form 500EC
500EC MT 15 draft Web Final 06 10 15.indd
2014 Form 500EC
500EC MT 14 ER Web 09 05 14.indd
2013 Form 500EC
500EC MT 13 web Final 10 22 13.indd
2012 Form 500EC
500EC MT 12 flat final 08 02 12.indd
2011 Form 500EC
500EC MT 11 WEB early release 12 12 11.indd
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