500T: Telecommunications Companies Minimum Tax and Credit Schedule (2025)
Virginia · Virginia Tax · Used for tax years 2025
Virginia Form 500T calculates telecommunications companies’ minimum tax using gross receipts certified by the State Corporation Commission and compares it with corporate income tax after credits. It also calculates the amount owed by noncorporate telecommunications companies and
Who files this form
Virginia Form 500T is the 2025 minimum tax schedule for telecommunications companies. It includes a separate section for noncorporate telecommunications companies and a minimum tax breakdown for consolidated or combined filers.
What you'll need
Have these forms and details available to complete the schedule:
- Virginia Form 500, including the corporate income tax liability on Line 9.
- Gross receipts for the taxable period as certified by the State Corporation Commission.
- Amounts for the tax credits listed in Part I.
- The name shown on the Virginia return, FEIN, and calendar year of earned receipts.
- For a consolidated or combined return, each corporation’s FEIN, name, and minimum tax.
If claiming Enterprise Zone Act Tax Credit carryovers, the form directs you to the Schedule 500CR instructions.
Common mistakes
- Do not overlook the “carryover credits only” labels. They apply to the Enterprise Zone Act, Conservation Tillage Equipment, Precision Fertilizer and Pesticide Application Equipment, Virginia Coal Employment and Production Incentive, Green and Alternative Energy Job Creation, International Trade Facility, Port Volume Increase, Barge and Rail Usage, and Major Research and Development Expenses tax credits.
- If filing a consolidated or combined return, complete the schedule showing the minimum tax for each corporation.
- Follow the transfer directions: Part II, Line 7 goes in the Telecommunications Company section on Form 500, Page 1 and on Form 500, Line 11. Part III, Line 10 goes in the Noncorporate Telecommunications Company section on Form 500, Page 1 and on Form 500, Line 11.
Questions people ask
How is adjusted corporate income tax calculated?
Enter the corporate income tax liability from Form 500, Line 9 on Part I, Line 1. Add the specified tax credits on Line 2, then subtract Line 2 from Line 1 to get the adjusted corporate income tax on Line 3.
How is the minimum tax calculated?
Enter gross receipts for the taxable period as certified by the State Corporation Commission on Part II, Line 4. Multiply that amount by 0.5% to calculate the minimum tax on Line 5.
Which amount is the telecommunications tax in Part II?
Line 7 is the greater of the minimum tax on Line 5 or the adjusted corporate income tax on Line 6.
How does Part III calculate the amount owed by a noncorporate telecommunications company?
Enter the minimum tax from Part II, Line 5 on Line 8 and the adjusted corporate income tax from Part I, Line 3 on Line 9. If Line 8 is greater than Line 9, subtract Line 9 from Line 8. If Line 9 is greater than Line 8, enter 0.