Virginia Schedule 500mt - Electric Cooperatives Minimum Tax And Credit Schedule - 2012
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12012
Virginia
*VAECMT112888*
ELECTRIC COOPERATIVES
Schedule 500MT
MINIMUM TAx AND CREDIT SCHEDULE
Name as shown on Virginia return
Federal Employer ID Number
, 2012 and ending
, 20
For taxable year beginning
Calendar Year During Which Gross Receipts Earned
PART I
MINIMUM TAx COMPUTATION
1. Gross receipts as certified by the State Corporation Commission (SCC) . . . . . . . . . . . . . . . . . . . 1.
.00
2. Minimum Tax Computation: Multiply Line 1 by 1.45% (.0145) or enter amount certified by SCC . 2.
.00
3. Enter the state's portion of electric utility consumption tax collected from nonmembers . . . . . . . . 3.
.00
4. Minimum Tax (Subtract Line 3 from Line 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.
.00
PART II TAx COMPUTATION
5. Modified Net Income tax (from Line 8 of Form 500EC, Electric Cooperative Return) . . . . . . . . . . 5.
.00
NOTE: If Line 4 (minimum tax) is greater than Line 5 (modified net income tax), enter that amount
on Line 12 below and skip to Line 13 to compute the modified net income tax credit amount.
6. If Line 5 is greater than Line 4, enter the amount of Line 5 less Line 4 . . . . . . . . . . . . . . . . . . . . 6.
.00
7. Enter the amount of credit available from previous years (not to exceed the amount on
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.
.00
Line 6).
8. Subtract Line 7 from Line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.
.00
9. Enter the amount of unused estimated income tax payments made in 2001, 2002 and 2003
(not to exceed the amount on Line 8) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.
.00
10. Subtract Line 9 from Line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.
.00
11. Add Line 4 and Line 10
11.
.00
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12. Tax (Enter the greater of Line 4 or Line 11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.
.00
PART III TAx CREDIT COMPUTATION AND CARRyOVER AMOUNT
13. Credit earned this year (If Line 4 is greater than Line 5, subtract Line 5 from Line 4
and enter excess). This is your credit amount available for carryforward . . . . . . . . . . . . . . . . . . 13.
.00
14. Carryover credit from prior years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.
.00
15. Add Line 13 and Line 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.
.00
16. Credit allowable this year (from Line 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.
.00
17. Carryover credit for 2013: Line 15 minus Line 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.
.00
PART IV ESTIMATED INCOME TAx CARRyOVER AMOUNT
18. Carryover estimated income tax payments from prior years . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.
.00
19. Amount allowable this year (from Line 9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.
.00
20. Carryover credit for 2013: Line 18 minus Line 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.
.00
VA DEPT OF TAXATION
6201120-12 REV 11/12
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