Virginia 500MT - Electric Cooperatives Minimum Tax and Credit Schedule

500MT - Electric Cooperatives Minimum Tax and Credit Schedule
2023 Schedule 500MT - 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