Virginia Schedule 500el - Electric Suppliers Corporation Minimum Tax And Credit Schedule - 2014 Page 2
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1
22014 Instructions for Filing schedule 500eL
electric supplier Minimum tax
Electric suppliers are required to pay a minimum tax rather than a corporate income tax for any taxable year their
minimum tax liability is greater than their corporate income tax liability. The minimum tax is equal to
1.45 percent
of the electric supplier’s gross receipts minus the state’s portion of the electric utility consumption tax billed to
consumers. For years in which the minimum tax exceeds the corporate income tax, a carry forward credit is
computed for use against future corporate income tax when that tax exceeds the minimum tax.
Line by Line Instructions:
Part v current year tax credit carryover amount
Part I Minimum tax certified by scc
Line 8: Enter the amount from Line 6. This is your
minimum tax credit
amount that is
available for
Line 1: Enter the amount of minimum tax certified by the
carryforward.
State Corporation
Commission.
Part vI corporate tax computation
Part II separate return Filers - tax computation
Line 9: If the adjusted corporate tax on Line 2 or Line
Line 2: Enter the adjusted corporate tax from Line 11 of
5 is greater than Line 1, enter the
amount by which
the
Form 500. If Line 2 is greater than Line 1 on Schedule
corporate tax exceeds the minimum tax on Line 1.
500EL, skip to Line 9.
Line 10: Enter the corporate carryover credit from prior
years up to the amount on Line 9.
Part III consolidated or combined return Filers - tax
computation
Line 11: Subtract Line 10 from Line 9.
Line 12: Enter any carryover estimated payments (prior
Line 3: Enter the amount of adjusted corporate tax from
to 1992). Do not exceed the amount on Line 11.
the consolidated or combined Form 500, Line 11.
Line 13: Subtract Line 12 from Line 11.
Line 4: Enter the amount from the electric supplier’s
Line 14: Add Lines 13 and 1. Enter this amount on Line
separately computed Form 500, Line 11.
500 and replace
11 of Form
the adjusted corporate tax
Line 5: Enter the lesser of Line 3 or Line 4. If greater
amount. Also, enter the amount
in the Electric Supplier
than Line 1, skip to Line 9.
Company section on Page 1 of Form 500.
Part Iv Minimum tax computation
Part vII tax credit carryover amount
Line 15: Enter the corporate tax credit derived from
Line 6: Subtract either Line 2 or Line 5 (whichever
the excess minimum tax from Line 8.
applies) from Line 1. If greater than zero, continue to
Line 7 and complete Lines 8 and 15-17. If the amount
Line 16: Enter the remaining prior year corporate
is less than zero, enter zero and skip to Line 9.
carryover credits that were not used on Line 10.
Line 7: Add Lines 6 and 2 (separate filer) or Lines 6 and
Line 17: Add Lines 15 and 16. This is the amount of
3 (consolidated or combined filer). Enter this amount on
carryover credit for 2015.
Line 11 of Form 500 and replace the amount computed
Line 18: Enter any prior year estimated payments that
on Form 500. Also, enter the amount in the Electric
were not used on Line 12.
Supplier Company section on Page 1 of Form 500.
VA DEPT OF TAXATION
6201118
REV 09/14
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