Schedule CR: Credit Computation Schedule for Forms 760, 760PY, 763 and 765 (2025)
Virginia · Virginia Tax · Used for tax years 2025
Virginia Schedule CR is used to calculate tax credits claimed with your Virginia return. It reports allowable credit amounts and, where applicable, carryovers from prior years and amounts carried forward to the next year.
Who files this form
Use 2025 Virginia Schedule CR to compute the credits listed on the schedule. If you claim these credits, enclose Schedule CR with your Virginia return.
The schedule includes nonrefundable credits, refundable credits, and eligible credit amounts carried forward from earlier years.
What you'll need
Have your Virginia return available for the tax amounts used in the calculations. Enter your name as shown on that return and your Social Security number.
Required enclosures depend on the credit you claim:
- Carried-forward credits: Include computation schedules.
- Vehicle Emissions Testing Equipment Tax Credit: Include a copy of your Air Check Virginia Station Participation and Services Agreement or Northern Virginia Analyzer Equipment Certification.
- Foreign Source Retirement Income Tax Credit: Include the foreign tax return or other proof of income tax paid to the foreign country, plus a schedule showing the conversion of foreign currency to U.S. dollars.
- Waste Motor Oil Burning Equipment Tax Credit: Include approved Form 50-12 from the Department of Environmental Quality and receipts, invoices, or other documentation confirming the purchase price paid.
- Biodiesel and Green Diesel Fuels Tax Credit: Include the Virginia Department of Taxation certification letter authorizing the credit.
- Pass-Through Entity Elective Tax Payment Credit: Enclose Form 502 Schedule VK-1.
The form also directs you to the Schedule CR instructions for required enclosures.
How to file
- Enter your name as shown on your Virginia return and your Social Security number. Use whole-dollar amounts.
- Calculate the maximum nonrefundable credits in Section 1, Part 1. Complete the parts for the credits you claim, following each credit's limits.
- Add your allowable nonrefundable credits in Section 2, Line 1A.
- Enter refundable credits in Section 3 and total them in Section 4, Part 1, Line 1A.
- Add the nonrefundable and refundable totals in Section 5, Part 1, Line 1A. Enter that total on Line 25 of Form 760, Form 760PY, or Form 763.
- Enclose Schedule CR and the required supporting documents with your return.
The supplied form does not give a mailing address or e-file directions.
Common mistakes
- Leaving out required enclosures: The form warns that missing enclosures may cause a credit to be disallowed. Computation schedules are required for carried-forward credits.
- Claiming more than the nonrefundable credit maximum: Section 2, Line 1A cannot exceed the amount calculated in Section 1, Part 1, Line 1A.
- Mixing up your credit and your spouse's credit: The form specifically reminds you to claim the proper amounts on the total lines for the Qualified Equity and Subordinated Debt Investments, Land Preservation, and Firearm Safety Device credits.
- Including cents: The schedule calls for whole dollars only.
Questions people ask
How is my maximum nonrefundable credit amount calculated?
Start with the total tax computed on your return. Subtract the total of the Spouse Tax Adjustment, the Credit for Low-Income Individuals or nonrefundable Virginia Earned Income Credit that may be claimed on Form 760PY or Form 763, and the Credit for Tax Paid to Another State. Section 1, Part 1, Line 1A gives the maximum allowed for your total nonrefundable credits.
Can I carry unused credits into another year?
Many credits have carryover lines, but the allowed period varies. For example, the Neighborhood Assistance Act Credit has a 5-year carryover period, the Historic Rehabilitation Tax Credit has a 10-year period, and the Worker Training Tax Credit has a 3-year period. Follow the rule for your specific credit.
Where do I find the Pass-Through Entity Elective Tax Payment Credit amount?
Use the credit amount from Form 502 Schedule VK-1 for Section 3, Part 6, Line 6A. Enclose that Schedule VK-1 with your return.
What limits apply to the refundable agricultural credits?
The Agricultural Best Management Practices Tax Credit cannot exceed $75,000. The Conservation Tillage and Precision Agriculture Equipment Tax Credit uses the amount authorized by the department and cannot exceed $17,500.