500CR: Credit Computation Schedule for Corporation Returns (2025)
Virginia · Virginia Tax · Used for tax years 2025
Virginia Schedule 500CR is the 2025 Credit Computation Schedule for Corporations, enclosed with the Virginia Corporation Income Tax Return, Form 500. It calculates allowable tax credits and reports credit carryovers and transfers where applicable.
Who files this form
Schedule 500CR is for corporations claiming the tax credits listed on the schedule. Use it to calculate nonrefundable and refundable credits, and enclose it with your 2025 Virginia Corporation Income Tax Return, Form 500.
What you'll need
Have your corporation’s name as shown on the Virginia return, FEIN, and Form 500 available. Section 1 starts with the tax from Form 500, Line 9.
The form lists these required enclosures:
- Carried-forward credits: Computation schedules.
- Original Biodiesel and Green Diesel Fuels credit: The Virginia Department of Taxation certification letter authorizing the credit.
- Original Vehicle Emissions Testing Equipment credit: A copy of your Air Check Virginia Station Participation and Services Agreement or Northern Virginia Analyzer Equipment Certification.
- Original Waste Motor Oil Burning Equipment credit: Approved Form 50-12 from the Department of Environmental Quality, plus receipts, invoices, or other documentation confirming the purchase price paid.
The form also directs filers to the Schedule 500CR instructions for additional enclosure requirements.
How to file
- Complete the parts for the credits you are claiming.
- Transfer total allowable nonrefundable credits from Section 2, Line 1B to Form 500, Line 10.
- Transfer total refundable credits from Section 4, Line 1A to Form 500, Line 14.
- Enclose Schedule 500CR and the required supporting documents with Form 500.
The supplied form does not give a mailing address or e-file directions.
Common mistakes
- Leaving out supporting documents: The form warns that missing enclosures may cause a credit to be disallowed.
- Omitting carryover computations: Computation schedules are required when claiming a carried-forward credit.
- Exceeding the overall nonrefundable credit limit: Total nonrefundable credits cannot exceed the tax from Form 500, Line 9.
- Sending Form 500 without the schedule: The form reminds you to enclose Schedule 500CR with your corporation income tax return.
Questions people ask
Does Schedule 500CR cover both refundable and nonrefundable credits?
Yes. Sections 1 and 2 cover nonrefundable credits. Sections 3 and 4 cover refundable credits.
Can unused credits carry forward?
Several listed credits allow carryovers, subject to the periods and limits shown for each credit. For example, the Worker Training credit has a 3-year carryover period, and the Livable Home credit has a 7-year carryover period.
Can I claim an Enterprise Zone credit carryover?
The form allows only Enterprise Zone Real Property Investment Tax Credit carryovers from prior years. It directs you to the worksheet in the Schedule 500CR instructions to determine the amount usable this year.
Where can I get copies of vehicle emissions equipment documents?
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.