Virginia 500CR - Credit Computation Schedule for Form 500

500CR - Credit Computation Schedule for Form 500
2023 Schedule 500CR - Credit Computation Schedule for Corporations2023 Virginia
Schedule 500CR
Page 1

Credit Computation Schedule
for Corporations

*VACPCR123888*

See Page 6 and Schedule 500CR Instructions for additional information on required enclosures.
Name as shown on Virginia return  ______________________________________________ FEIN  __________________________________

Section 1 – Nonrefundable Credits
PART 1 – MAXIMUM NONREFUNDABLE TAX CREDITS
A	 Enter the tax from Line 9, Form 500
The maximum total nonrefundable credits claimed in Section 2, Line 1B may not exceed this amount.............................1A

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PART 2 – NEIGHBORHOOD ASSISTANCE ACT (NAA) TAX CREDIT
A	 Authorized amount of NEIGHBORHOOD ASSISTANCE ACT CREDIT ..........................A

.00

B	 Carryover credit from prior year(s) [enclose computation]....................................................B

.00

C	 Maximum NAA credit available for the taxable year. Add Line A and Line B........................ C

.00

D	 Credit allowable this year: Line C or balance of maximum credit available, whichever is less....................................... 2D
E	 Carryover credit to next year: Line C less Line 2D (if within the 5-year carryover period)......... E

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PART 3 – ENTERPRISE ZONE ACT TAX CREDIT
Expired for taxable years beginning on or after January 1, 2020. Only Enterprise Zone Real Property Investment
Tax Credit carryover amounts from prior years are allowed. Use the worksheet in the Schedule 500CR instructions to
determine the carryover amount that can be used this year.
A	

Nonrefundable credit allowable this year................................................................................................................................. 3A

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PART 4 – CONSERVATION TILLAGE EQUIPMENT TAX CREDIT – EXPIRED JANUARY 1, 2021
A	 Reserved for Future Use.......................................................................................................A
B	 Carryover credit from prior year(s) [enclose computation]....................................................B

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C	 Add Line A and Line B.......................................................................................................... C

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D	 Credit allowable this year: Line C or balance of maximum credit available, whichever is less....................................... 4D
E	 Carryover credit to next year: Line C less Line 4D (if within the 5-year carryover period)......... E

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* PART 5 – BIODIESEL AND GREEN DIESEL FUELS TAX CREDIT

A	 Enter the amount of biodiesel fuel tax credit authorized by the Department
or the amount transferred to you in the current taxable year................................................A

.00

B	 Carryover credit from prior year(s) [enclose computation]....................................................B

.00

C	 Add Line A and Line B.......................................................................................................... C

.00

D	 Enter the total credit transferred to others in the current taxable year................................. D

.00

E	 Subtract Line D from Line C..................................................................................................E

.00

F	 Credit allowable this year: Line E or balance of maximum credit available, whichever is less........................................ 5F
G	 Carryover credit to next year: Line E less Line 5F (if within the 3-year carryover period)..........G

.00

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PART 6 – PRECISION FERTILIZER AND PESTICIDE APPLICATION EQUIPMENT TAX CREDIT – EXPIRED JANUARY 1, 2021
A	 Reserved for Future Use.......................................................................................................A
B	 Carryover credit from prior year(s) [enclose computation]....................................................B

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C	 Add Line A and Line B.......................................................................................................... C

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D	 Credit allowable this year: Line C or balance of maximum credit available, whichever is less....................................... 6D
E	 Carryover credit to next year: Line C less Line 6D (if within the 5-year carryover period)......... E

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Enclose Schedule 500CR with your Virginia Corporation Income Tax Return, Form 500.
Va. Dept of Taxation  2601011-W  Rev. 08/23

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2023 Virginia
Schedule 500CR
Page 2

Name as shown on Virginia return______________________________
FEIN_____________________________

*VACPCR223888*

PART 7 – RECYCLABLE MATERIALS PROCESSING EQUIPMENT TAX CREDIT
A	 Enter 20% of qualifying recyclable equipment cost...............................................................A

.00

B	 Carryover credit from prior year(s)........................................................................................B

.00

C	 Add Line A and Line B.......................................................................................................... C

.00

D	 Enter 40% of tax per return. See instructions....................................................................... D

.00

E	 Maximum credit: Enter the amount from Line C or Line D, whichever is less.......................E

.00

F	 Credit allowable this year: Line E or balance of maximum credit available, whichever is less........................................ 7F
G	 Carryover credit to next year: Line C less Line 7F (if within the 10-year carryover period)....... G

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* PART 8 – VEHICLE EMISSIONS TESTING EQUIPMENT TAX CREDIT

A	 Reserved for Future Use.......................................................................................................A
B	 Reserved for Future Use.......................................................................................................B
C	 Reserved for Future Use............................................................................................................C
D	 Enter 20% of the purchase or lease price paid during the taxable year plus
any carryover credit from prior year(s) for qualified vehicle emissions testing equipment... D

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E	 VEHICLE EMISSIONS TESTING EQUIPMENT TAX CREDIT allowable this year:
Enter the amount from Line D or balance of maximum credit available, whichever is less................................................. 8E
F	 Carryover credit to next year: Line D less Line 8E (if within the 5-year carryover period)..........F

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PART 9 – MAJOR BUSINESS FACILITY JOB TAX CREDIT
A	 Credit amount authorized by the Department (include all expansions)............................A

.00

B	 Carryover credit from prior years (include all expansions) ...................................................B

.00

C	 Add Line A and Line B.......................................................................................................... C

.00

D	 Credit allowable this year: Line C or balance of maximum credit available, whichever is less....................................... 9D
E	 Carryover credit to next year: Line C less Line 9D (if within the 10-year carryover period)........... E

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PART 10 – RESERVED FOR FUTURE USE
PART 11 – HISTORIC REHABILITATION TAX CREDIT
A	 Enter the amount of eligible expenses..................................................................................A

.00

B	 Enter 25% of the amount on Line A.......................................................................................B

.00

C	 Carryover credit from prior year(s)....................................................................................... C

.00

D	 Add Line B and Line C......................................................................................................... D

.00

E	 Credit allowable this year: Line D or balance of maximum credit available, whichever is less
(Each credit holder cannot claim more than $5 million)....................................................................................................11E
F	 Carryover credit to next year: Line D less Line 11E (if within the 10-year carryover period)......F

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2023 Virginia
Schedule 500CR
Page 3

Name as shown on Virginia return______________________________
FEIN_____________________________

*VACPCR323888*

PART 12 – RESERVED FOR FUTURE USE

*

PART 13 – WASTE MOTOR OIL BURNING EQUIPMENT TAX CREDIT
A	 Enter 50% of the purchase price paid during the taxable year for equipment used
exclusively for burning waste motor oil at your business facility...........................................A

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B	 Credit allowable this year: Enter the lesser of $5,000 or the amount on Line A, not to exceed maximum credit available... 13B

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PART 14 – RIPARIAN WATERWAY BUFFER TAX CREDIT
A	 Enter the credit amount authorized by the Virginia Department of Forestry.........................A

.00

B	 Carryover credit from prior year(s) [enclose computation]....................................................B

.00

C	 Add Line A and Line B.......................................................................................................... C

.00

D	 Credit allowable this year: Line C or balance of maximum credit available, whichever is less..................................... 14D
E	 Carryover credit to next year: Line C less Line 14D (if within the 5-year carryover period)....... E

.00

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PART 15 – LAND PRESERVATION TAX CREDIT
A	 Enter the credit amount originating in 2023 or the amount of credit transferred
to you in 2023........................................................................................................................A

.00

B	 Carryover credit from prior year(s) [enclose computation]....................................................B

.00

C	 Add Line A and Line B.......................................................................................................... C

.00

D	 Enter the total credit transferred to others in 2023............................................................... D

.00

E	 Line C less Line D.................................................................................................................E
.00
F	 Credit allowable this year: Line E or balance of maximum credit available, whichever is less.
(Not to exceed the limitation for each taxpayer. See instructions.)...................................................................................15F
G	 Carryover credit to next year: Line E less Line 15F (see instructions for carryover period)...... G

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PART 16 – VIRGINIA COAL EMPLOYMENT AND PRODUCTION INCENTIVE TAX CREDIT
A	 Reserved for Future Use.......................................................................................................A
B	 Reserved for Future Use.......................................................................................................B
C	 Carryover credit from prior year(s), if eligible for carryover credits. [enclose computation].......... C

.00

D	 Add Line B and Line C......................................................................................................... D

.00

E	 Reserved for Future Use.......................................................................................................E
F	 Subtract Line E from Line D..................................................................................................F

.00

G	 Credit allowable this year: Enter Line F or balance of maximum credit available, whichever is less
(Not to exceed $1 million)................................................................................................................................................. 16G
H	 Carryover credit to next year: Line F less Line 16G (if eligible for carryover credits)................. H

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PART 17 – COMMUNITY OF OPPORTUNITY TAX CREDIT
A	 Enter the credit amount authorized by the Department of Housing and
Community Development......................................................................................................A

.00

B	 Carryover credit from prior year(s)........................................................................................B

.00

C	 Add Line A and Line B.......................................................................................................... C

.00

D	 Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less...... 17D
E	 Carryover credit to next year: Line C less Line 17D (if within the 5-year carryover period)....... E

.00

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2023 Virginia
Schedule 500CR
Page 4

Name as shown on Virginia return______________________________
FEIN_____________________________

*VACPCR423888*

PART 18 – GREEN AND ALTERNATIVE ENERGY JOB CREATION TAX CREDIT
A	 Enter the total eligible credit amount for each annual salary of $50,000 or more.................A

.00

B	 Carryover credit from prior year(s)........................................................................................B

.00

C	 Add Line A and Line B.......................................................................................................... C

.00

D	 Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less...... 18D
E	 Carryover credit to next year: Line C less Line 18D (if within the 5-year carryover period)........E

.00

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PART 19 – FARM WINERIES AND VINEYARDS TAX CREDIT
A	 Enter the total eligible credit amount.....................................................................................A

.00

B	 Carryover credit from prior year(s)........................................................................................B

.00

C	 Add Line A and Line B.......................................................................................................... C

.00

D	 Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less................ 19D
E	 Carryover credit to next year: Line C less Line 19D (if within the 10-year carryover period)......E

.00

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PART 20 – INTERNATIONAL TRADE FACILITY TAX CREDIT
A	 Enter the total eligible credit amount.....................................................................................A

.00

B	 Carryover credit from prior year(s)........................................................................................B

.00

C	 Add Line A and Line B.......................................................................................................... C

.00

D	 Enter 50% of the tax imposed on the taxpayer for the taxable year..................................... D

.00

E	 Maximum credit: Enter the amount on Line C or Line D, whichever is less..........................E

.00

F	 Credit allowable this year: Enter amount from Line E or balance of maximum credit available, whichever is less....... 20F
G	 Carryover credit to next year: Line C less Line 20F (if within the 10-year carryover period)..... G

.00

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PART 21 – PORT VOLUME INCREASE TAX CREDIT
A	 Enter the total credit amount originating in 2023 or the amount of credit transferred
to you in 2023........................................................................................................................A

.00

B	 Carryover credit from prior year(s)........................................................................................B

.00

C	 Add Line A and Line B.......................................................................................................... C

.00

D	 Enter the credit amount earned during 2023 that was transferred to others........................ D

.00

E	 Line C less Line D.................................................................................................................E

.00

F	 Credit allowable this year: Enter amount from Line E or balance of maximum credit available, whichever is less....... 21F
G	 Carryover credit to next year: Line E less Line 21F (if within the 5-year carryover period)........ G

.00

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PART 22 – BARGE AND RAIL USAGE TAX CREDIT
A	 Enter the total eligible credit amount.....................................................................................A

.00

B	 Carryover credit from prior year(s)........................................................................................B

.00

C	 Add Line A and Line B.......................................................................................................... C

.00

D	 Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less...... 22D
E	 Carryover credit to next year: Line C less Line 22D (if within the 5-year carryover period)..... E

.00

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PART 23 – LIVABLE HOME TAX CREDIT
A	 Enter the total eligible credit amount.....................................................................................A

.00

B	 Carryover credit from prior year(s)........................................................................................B

.00

C	 Add Line A and Line B.......................................................................................................... C

.00

D	 Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less.... 23D
E	 Carryover credit to next year: Line C less Line 23D (if within the 7-year carryover period)..... E

.00

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2023 Virginia
Schedule 500CR
Page 5

Name as shown on Virginia return______________________________
FEIN_____________________________

*VACPCR523888*

PART 24 – RESEARCH AND DEVELOPMENT EXPENSES TAX CREDIT
A	 Enter the total eligible credit amount authorized by the Department.....................................A

.00

B	 Credit allowable this year: Enter amount from Line A or balance of maximum credit available, whichever is less..... 24B

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PART 25 – MAJOR RESEARCH AND DEVELOPMENT EXPENSES TAX CREDIT
A	 Enter the total eligible credit amount authorized by the Department.....................................A

.00

B	 Carryover credit from prior year(s)........................................................................................B

.00

C	 Add Line A and Line B.......................................................................................................... C

.00

D	 Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less.
(This amount cannot be more than 75% of tax on your return)....................................................................................... 25D
E	 Carryover credit to next year: Line C less Line 25D (if within the 10-year carryover period)...E

.00

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PART 26 – EDUCATION IMPROVEMENT SCHOLARSHIPS TAX CREDIT
A	 Enter the total eligible credit amount authorized by the Virginia Department of Education...........A

.00

B	 Carryover credit from prior year(s)........................................................................................B

.00

C	 Add Lines A and B................................................................................................................ C

.00

D	 Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less..... 26D
E	 Carryover credit to next year: Line C less Line 26D (if within the 5-year carryover period).......... E

.00

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PART 27 – FOOD DONATION TAX CREDIT
A	 Enter the total eligible credit amount authorized by the Department.....................................A

.00

B	 Carryover credit from prior year(s)........................................................................................B

.00

C	 Add Line A and Line B.......................................................................................................... C

.00

D	 Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less..... 27D
E	 Carryover credit to next year: Line C less Line 27D (if within the 5-year carryover period)..... E

.00

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PART 28 – WORKER TRAINING TAX CREDIT
A	 Enter the total eligible credit amount authorized by the Department.....................................A

.00

B	 Carryover credit from prior year(s)........................................................................................B

.00

C	 Add Line A and Line B.......................................................................................................... C

.00

D	 Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less..... 28D
E	 Carryover credit to next year: Line C less Line 28D (if within the 3-year carryover period)..... E

.00

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PART 29 – VIRGINIA HOUSING OPPORTUNITY TAX CREDIT
A	 Enter the total eligible credit amount authorized by the Housing Development Authority.....A

.00

B	 Carryover credit from prior year(s)........................................................................................B

.00

C	 Add Line A and Line B.......................................................................................................... C

.00

D	 Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less..... 29D
E	 Carryover credit to next year: Line C less Line 29D (if within the 5-year carryover period)..... E

.00

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Section 2 – Total Nonrefundable Credits
PART 1 – TOTAL NONREFUNDABLE TAX CREDITS
A	 Add the amounts on Lines 2D, 3A, 4D, 5F, 6D, 7F, 8E, 9D, 11E, 13B, 14D,
15F, 16G, 17D, 18D, 19D, 20F, 21F, 22D, 23D, 24B, 25D, 26D, 27D, 28D, and 29D...........A

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B	 TOTAL NONREFUNDABLE CREDITS ALLOWABLE THIS YEAR: Enter the amount from Line A
or the amount from Section 1, Line 1A, whichever is less. Transfer this amount to Form 500, Line 10............................ 1B

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2023 Virginia
Schedule 500CR
Page 6

Name as shown on Virginia return______________________________
FEIN_____________________________

*VACPCR623888*

Section 3 – Refundable Credits

*

PART 1 – COALFIELD EMPLOYMENT ENHANCEMENT TAX CREDIT
A	 100% Coalfield Employment Enhancement Tax Credit from 2023 Form 306D, Part II, Section 1, Line 1............................ 1A

.00

B	 Full credit: Enter amount from 2023 Form 306D, Part II, Section 2, Line 3............................................................................... 1B

.00

C	 85% credit: Enter amount from 2023 Form 306D, Part II, Section 3, Line 5.............................................................................. 1C

.00

D	 Total Coalfield Employment Enhancement Tax Credit allowable this year: Add Lines 1B and 1C................................ 1D

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PART 2 – MOTION PICTURE PRODUCTION TAX CREDITS
A	 Enter the credit amount authorized by the Virginia Film Office within the Virginia Tourism Authority..................................... 2A

.00

PART 3 – RESEARCH AND DEVELOPMENT EXPENSES TAX CREDIT
A	 Enter credit amount authorized by the Department....................................................................................................................... 3A

.00

PART 4 – AGRICULTURAL BEST MANAGEMENT PRACTICES TAX CREDIT
A	 Credit allowable this year: (not to exceed $75,000).........................................................................................................4A

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PART 5 – CONSERVATION TILLAGE AND PRECISION AGRICULTURE EQUIPMENT TAX CREDIT
A	 Credit allowable this year: Enter credit amount authorized by the Department (not to exceed $17,500)........................5A

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Section 4 – Total Refundable Credits
PART 1 – TOTAL REFUNDABLE CREDITS
A	 Enter the total of Section 3, Lines 1D, 2A, 3A, 4A, and 5A here and on Form 500, Line 14................................................... 1A

* WHAT TO ENCLOSE WITH THE RETURN
The following enclosures should be included with your return when claiming the original credit. Computation schedules
are required when claiming a carried-forward credit. Missing enclosures may cause a credit to be disallowed. Refer
to Schedule 500CR Instructions for additional information about required enclosures.
•	 BIODIESEL AND GREEN DIESEL FUELS TAX CREDIT: The letter of certification from the Virginia
Department of Taxation authorizing the credit.
•	 VEHICLE EMISSIONS TESTING EQUIPMENT TAX CREDIT: Copy of your Air Check Virginia Station
Participation and Services Agreement or a copy of the Northern Virginia Analyzer Equipment Certification.
For a copy of your service agreement, contact Opus Inspection at (703) 822-7587. For a copy of the Analyzer
Equipment Certification, contact Air Check Virginia at (703) 583-3800.
•	 WASTE MOTOR OIL BURNING EQUIPMENT TAX CREDIT: Approved Form 50-12 from the Department
of Environmental Quality, receipts, invoices, or other documentation to confirm purchase price paid.
•	 COALFIELD EMPLOYMENT ENHANCEMENT TAX CREDIT: Enclose Form 306D and additional pages,
if applicable.

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Extracted from PDF file 2023-virginia-form-500cr.pdf, last modified August 2023

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More about the Virginia Form 500CR Corporate Income Tax Tax Credit TY 2023

We last updated the 500CR - Credit Computation Schedule for Form 500 in January 2024, so this is the latest version of Form 500CR, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 500CR directly from TaxFormFinder. You can print other Virginia tax forms here.

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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 Tax Credit
Form ITF	Application for International Trade Facility Tax Credit Tax Credit
Form GJC	GJC -Application for Green Jobs Creation Tax Credit Tax Credit
Form 770	VA Fiduciary Income Tax Return Tax Return

Download all VA tax forms 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 500CR from the Department of Taxation in January 2024.

Show Sources >

Form 500CR 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 500CR

We have a total of thirteen past-year versions of Form 500CR in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:

2023 Form 500CR

2023 Schedule 500CR - Credit Computation Schedule for Corporations

2022 Form 500CR

2022 Schedule 500CR - Credit Computation Schedule for Corporations

2021 Form 500CR

2021 Schedule 500CR - Credit Computation Schedule for Corporations

2020 Form 500CR

2020 Schedule 500CR - Credit Computation Schedule for Corporations

2019 Form 500CR

2019 Schedule 500CR - Credit Computation Schedule for Corporations

2018 Form 500CR

2018 Schedule 500CR - Credit Computation Schedule for Corporations

2017 Form 500CR

2017 Schedule 500CR - Credit Computation Schedule for Corporation Income Tax Returns

2016 Form 500CR

Schedule 500CR - 2016 Corporate Credit Computation Schedule

500CR - Credit Computation Schedule for Form 500

2015 Form 500CR

500CR 15 ER ADJ Final 06 24 15.indd

2014 Form 500CR

500CR 14 ER Web 09 03 14.indd

2013 Form 500CR

500CR

2012 Form 500CR

500CR 12 final 08 02 12.indd

2011 Form 500CR

500CR 11 web final 01 10 11.indd

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