500MT: Electric Cooperatives Minimum Tax and Credit Schedule (2024)
Virginia · Virginia Tax · Used for tax years 2024
Virginia Schedule 500MT calculates an electric cooperative’s minimum tax, compares it with modified net income tax, and determines tax after allowable credits. It also tracks tax credits and unused estimated income tax payments carried over to future years.
What you'll need
Have these forms and records available to complete Schedule 500MT:
- Your Virginia return, for the name shown on the return, and your FEIN.
- Your taxable-year beginning and ending dates and the calendar year when the gross receipts were earned.
- Gross receipts certified by the State Corporation Commission (SCC), or the minimum tax amount certified by the SCC.
- Records of the state's portion of electric utility consumption tax collected from nonmembers.
- Form 500EC, Electric Cooperative Modified Net Income Tax Return, for the modified net income tax on Line 8.
- Records of prior-year credit carryovers and unused estimated income tax payments made in 2001, 2002, and 2003.
Common mistakes
- Do not miss the note in Part II: if Line 4, minimum tax, is greater than Line 5, modified net income tax, enter the Line 4 amount on Line 12 and skip to Line 13 to compute the credit.
- Do not enter more prior-year credit on Line 7 than the amount on Line 6.
- Do not enter more unused estimated income tax payments on Line 9 than the amount on Line 8.
Questions people ask
How is the minimum tax calculated?
Multiply the SCC-certified gross receipts on Line 1 by 1.45% (.0145), or enter the amount certified by the SCC on Line 2. Subtract the state's portion of electric utility consumption tax collected from nonmembers, entered on Line 3. The result is the minimum tax on Line 4.
Where do I get the modified net income tax amount?
Enter the amount from Line 8 of Form 500EC on Line 5 of Schedule 500MT.
When is a credit earned for carryforward?
If the minimum tax on Line 4 is greater than the modified net income tax on Line 5, subtract Line 5 from Line 4. Enter the difference on Line 13 as the credit earned this year and available for carryforward.
How do I calculate the credit carried to next year?
Add the credit earned this year on Line 13 to the prior-year carryover credit on Line 14. Enter the total on Line 15, then subtract the credit allowable this year on Line 16. Enter the remaining carryover credit on Line 17.