500MT: Electric Cooperatives Minimum Tax and Credit Schedule (2025)
Virginia · Virginia Tax · Used for tax years 2025
Virginia Schedule 500MT calculates an electric cooperative’s minimum tax and compares it with modified net income tax to determine tax. It also calculates tax credits and tracks credit and estimated income tax payment carryovers.
Who files this form
Virginia Schedule 500MT is for electric cooperatives to compute minimum tax, tax credits, and carryover amounts. It uses the modified net income tax reported on Form 500EC, Electric Cooperative Modified Net Income Tax Return.
What you'll need
Have these amounts and details available to complete the schedule:
- Your name as shown on the Virginia return, FEIN, taxable year dates, and the calendar year when gross receipts were earned.
- Gross receipts certified by the State Corporation Commission (SCC), or the minimum tax computation amount certified by the SCC.
- The state's portion of electric utility consumption tax collected from nonmembers.
- Form 500EC, Line 8, for your modified net income tax.
- Credit carryover amounts from prior years.
- Unused estimated income tax payments made in 2001, 2002, and 2003, and estimated income tax carryover amounts from prior years.
Common mistakes
Do not overlook the note after Line 5: if the minimum tax on Line 4 is greater than the modified net income tax on Line 5, enter the Line 4 amount on Line 12. Then skip to Line 13 to compute the modified net income tax credit.
Questions people ask
How is the minimum tax calculated?
Multiply 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 on Line 3. The result is the minimum tax on Line 4.
How much prior-year credit can I use?
When Line 5 is greater than Line 4, enter the difference on Line 6. The prior-year credit used on Line 7 cannot exceed Line 6.
When do I earn a credit to carry forward?
If the minimum tax on Line 4 exceeds the modified net income tax on Line 5, enter the difference on Line 13. To calculate the credit carried to next year on Line 17, add the prior-year carryover credit to the credit earned this year, then subtract the credit allowable this year.
Which unused estimated payments are included on Line 9?
Line 9 is for unused estimated income tax payments made in 2001, 2002, and 2003. The amount entered cannot exceed Line 8.