TaxFormFinder
Virginia 500MT - Electric Cooperatives Minimum Tax and Credit Schedule
Extracted from PDF file 2023-virginia-form-500mt.pdf, last modified August 2023500MT - Electric Cooperatives Minimum Tax and Credit Schedule
2023 Virginia Electric Cooperatives Schedule 500MT Minimum Tax and Credit Schedule *VAECMT123888* Name as shown on Virginia return FEIN For the taxable year beginning on, 2023; And Ending on , 20 Calendar year during which gross receipts were earned Part I – Minimum Tax Computation 1. Gross receipts as certified by the State Corporation Commission (SCC). . . . . . . . . . . . . . . . . . . . . . . 1. .00 2. Minimum tax computation: Multiply Line 1 by 1.45% (.0145) or enter amount certified by SCC. . . . . . 2. .00 3. Enter the state’s portion of electric utility consumption tax collected from nonmembers . . . . . . . . . . . 3. .00 4. Minimum tax (Subtract Line 3 from Line 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. .00 Part II – Tax Computation 5. Modified net income tax (from Line 8 of Form 500EC, Electric Cooperative Modified Net Income Tax Return). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. .00 NOTE: If Line 4 (minimum tax) is greater than Line 5 (modified net income tax), enter that amount on Line 12 below and skip to Line 13 to compute the modified net income tax credit amount. 6. If Line 5 is greater than Line 4, enter the amount of Line 5 less Line 4. . . . . . . . . . . . . . . . . . . . . . . . . 6. .00 7. Enter the amount of credit available from previous years (not to exceed the amount on Line 6). . . . . 7. .00 8. Subtract Line 7 from Line 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. .00 9. Enter the amount of unused estimated income tax payments made in 2001, 2002, and 2003 (not to exceed the amount on Line 8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. .00 10. Subtract Line 9 from Line 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10. .00 11. Add Line 4 and Line 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. .00 12. Tax (Enter the greater of Line 4 or Line 11). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12. .00 Part III – Tax Credit Computation and Carryover Amount 13. Credit earned this year. If Line 4 is greater than Line 5, subtract Line 5 from Line 4 and enter the excess. This is your credit amount that is available for carryforward . . . . . . . . . . . . . . 13. .00 14. Carryover credit from prior years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14. .00 15. Add Line 13 and Line 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15. .00 16. Credit allowable this year (from Line 7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16. .00 17. Carryover credit to next year: (Subtract Line 16 from Line 15). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17. .00 Part IV – Estimated Income Tax Carryover Amount 18. Carryover estimated income tax payments from prior years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18. .00 19. Amount allowable this year (from Line 9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19. .00 20. Carryover credit to next year: (Subtract Line 19 from Line 18). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20. .00 Va. Dept. of Taxation 6201120-W Rev. 08/23
2023 Schedule 500MT - Electric Cooperatives Minimum Tax and Credit Schedule
More about the Virginia Form 500MT Corporate Income Tax Tax Credit TY 2023
We last updated the 500MT - Electric Cooperatives Minimum Tax and Credit Schedule in January 2024, so this is the latest version of Form 500MT, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 500MT 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 500MT from the Department of Taxation in January 2024.
Form 500MT is a Virginia Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
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 500MT
We have a total of thirteen past-year versions of Form 500MT in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 500MT
2023 Schedule 500MT - Electric Cooperatives Minimum Tax and Credit Schedule
2022 Form 500MT
2022 Schedule 500MT - Electric Cooperatives Minimum Tax and Credit Schedule
2021 Form 500MT
2021 Schedule 500MT - Electric Cooperatives Minimum Tax and Credit Schedule
2020 Form 500MT
2020 Schedule 500MT - Electric Cooperatives Minimum Tax and Credit Schedule
2019 Form 500MT
2019 Schedule 500MT - Electric Cooperatives Minimum Tax and Credit Schedule
2018 Form 500MT
2018 Schedule 500MT - Electric Cooperatives Minimum Tax and Credit Schedule
2017 Form 500MT
2017 Schedule 500MT - Electric Cooperatives Minimum Tax and Credit Schedule
2016 Form 500MT
2016 Virginia Schedule 500MT - Electric Cooperatives Minimum Tax and Credit Schedule
2015 Form 500MT
500 MT 15 ER Final 06 25 15.indd
2014 Form 500MT
500EC MT 14 ER Web 09 05 14.indd
2013 Form 500MT
500EC MT 13 web Final 10 22 13.indd
2012 Form 500MT
500EC MT 12 flat final 08 02 12.indd
2011 Form 500MT
500EC MT 11 WEB early release 12 12 11.indd
TaxFormFinder Disclaimer:
While we do our best to keep our list of Virginia Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.