500EL: Electric Suppliers Corporation Minimum Tax and Credit Schedule (2024)
Virginia · Virginia Tax · Used for tax years 2024
Virginia Schedule 500EL calculates an electric supplier corporation’s minimum tax adjustment and tax credits using the minimum tax certified by the State Corporation Commission. It reports credit carryovers and the tax amount to enter on Form 500, the Virginia Corporation Income
Who files this form
Schedule 500EL is the Electric Suppliers Corporation Minimum Tax and Credit Schedule. It has separate tax-computation sections for electric suppliers filing separate returns and those filing consolidated or combined returns.
Enclose Schedule 500EL and any other pertinent information with Form 500, Virginia Corporation Income Tax Return.
What you'll need
Have the following information available to complete the schedule:
- The name shown on the Virginia return, the electric supplier’s name if different, and the FEIN.
- The taxable year’s beginning and ending dates and the calendar year when gross receipts were earned.
- The minimum tax certified by the State Corporation Commission.
- Form 500, Line 11. Consolidated or combined filers also need the electric supplier’s separately computed Form 500, Line 11.
- Any prior-year carryover credits and carryover estimated income tax payments from before 1992.
The form also asks you to enclose any other pertinent information.
How to file
Enclose Schedule 500EL and any other pertinent information with Form 500, Virginia Corporation Income Tax Return.
The address printed on Schedule 500EL is:
Virginia Department of Taxation
P.O. Box 1500
Richmond, VA 23218-1500
Common mistakes
- Exceeding the credit limit: Prior-year carryover credits entered on Line 10 cannot exceed Line 9.
- Exceeding the estimated-payment limit: Carryover estimated income tax payments from before 1992 entered on Line 12 cannot exceed Line 11.
- Not replacing the Form 500 amounts: When completing Line 7 or Line 14, enter that amount on Form 500, Line 11, replacing the amount computed there and in the Electric Supplier Company section on Page 1.
- Leaving out attachments: Enclose Schedule 500EL and any other pertinent information with Form 500.
Questions people ask
Where does the minimum tax amount come from?
Enter the minimum tax certified by the State Corporation Commission on Line 1.
Which amount do consolidated or combined filers use for the comparison with minimum tax?
Enter the consolidated or combined Form 500, Line 11 amount on Line 3 and the electric supplier’s separately computed Form 500, Line 11 amount on Line 4. Enter the smaller amount on Line 5. If it is greater than Line 1, skip to Line 9.
Where do I report the current-year minimum tax credit available for carryforward?
Line 8 takes the amount from Line 6 and identifies it as the minimum tax credit available for carryforward.
How do I calculate the carryover credit for 2025?
Add Lines 15 and 16 and enter the total on Line 17. Line 15 is the corporate tax credit from excess minimum tax on Line 8. Line 16 is prior-year carryover credits not used on Line 10.