500EL: Electric Suppliers Corporation Minimum Tax and Credit Schedule (2025)
Virginia · Virginia Tax · Used for tax years 2025
Virginia Schedule 500EL is the Electric Suppliers Corporation Minimum Tax and Credit Schedule. It compares the minimum tax certified by the State Corporation Commission with corporate income tax, computes the tax amount to enter on Form 500, and reports tax credit carryovers.
Who files this form
Schedule 500EL is the Electric Suppliers Corporation Minimum Tax and Credit Schedule. It includes tax computations for electric suppliers filing separate returns and those included in consolidated or combined returns.
Enclose it with Form 500, Virginia Corporation Income Tax Return.
What you'll need
Have these forms and amounts available to complete the 2025 schedule:
- The minimum tax certified by the State Corporation Commission.
- Form 500, including the amount on Line 11.
- For consolidated or combined filers, both the consolidated or combined Form 500 and the electric supplier’s separately computed Form 500.
- Prior-year carryover credit amounts and any carryover estimated income tax payments from before 1992.
- The name shown on the Virginia return, the electric supplier’s name if different, FEIN, taxable-year dates, and calendar year when the gross receipts were earned.
Enclose any other pertinent information with Schedule 500EL and Form 500.
How to file
Enclose Schedule 500EL and any other pertinent information with Form 500, Virginia Corporation Income Tax Return.
The address printed on the schedule is:
Virginia Department of Taxation
P.O. Box 1500
Richmond, VA 23218-1500
Common mistakes
- Do not claim more prior-year carryover credit on Line 10 than the amount on Line 9.
- Do not enter more carryover estimated income tax payments on Line 12 than the amount on Line 11. Line 12 is for payments from before 1992.
- When completing Line 7 or Line 14, enter that amount on Form 500, Line 11, and replace the amount computed on Form 500 and in the Electric Supplier Company section on Page 1.
- Remember to enclose Schedule 500EL and any other pertinent information with Form 500.
Questions people ask
Where do I get the minimum tax amount for Line 1?
Enter the minimum tax certified by the State Corporation Commission.
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. On Line 5, enter the smaller of those two amounts. If it is greater than Line 1, skip to Line 9.
Where is the current-year minimum tax credit shown?
Line 8 takes the amount from Line 6 and identifies it as the minimum tax credit available for carryforward.
How is the carryover credit for 2026 calculated?
Line 17 adds Lines 15 and 16. 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.