2022 Instructions for Filing Schedule 500EL
Electric Supplier Corporation Minimum Tax and Credit Schedule

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% 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 carryforward credit is computed for use against future corporate income 
tax when that tax exceeds the minimum tax.

                                          LINE INSTRUCTIONS

Part I    Minimum Tax Certified by SCC                          Part V     Current Year Tax Credit Carryover Amount

Line 1:   Enter the amount of minimum tax certified by the      Line 8  :  Enter the amount from Line 6. This is your minimum 
          State Corporation Commission.                                    tax credit amount that is available for carryforward. 

Part II   Separate Return Filers ‑ Tax Computation              Part VI  Corporate Tax Computation

Line 2  : Enter the adjusted corporate tax from Line 11         Line 9  :  If the adjusted corporate tax on Line 2 or Line 5 is 
          of Form 500. If Line 2 is greater than Line 1 on                 greater than Line 1, enter the amount by which the 
          Schedule 500EL, skip to Line 9.                                  corporate tax exceeds the minimum tax on Line 1. 
                                                                Line 10  : Enter the corporate carryover credit from prior 
Part III  Consolidated or Combined Return Filers -                         years up to the amount on Line 9. 
          Tax Computation                                       Line 11  : Subtract Line 10 from Line 9. 
Line 3  : Enter the amount of adjusted corporate tax from       Line 12  : Enter any carryover estimated payments (prior to 
          the consolidated or combined Form 500, Line 11.                  1992). Do not exceed the amount on Line 11. 
Line 4  : Enter the amount from the electric supplier’s         Line 13  : Subtract Line 12 from Line 11.
          separately computed Form 500, Line 11.                Line 14  : Add Lines 13 and 1. Enter this amount on Line 11 
Line 5  : Enter the lesser of Line 3 or Line 4. If greater than            of Form 500 and replace the adjusted corporate 
          Line 1, skip to Line 9.                                          tax amount. Also, enter the amount in the Electric 
                                                                           Supplier Company section on Page 1 of Form 500.
Part IV  Minimum Tax Computation
                                                                Part VII  Tax Credit Carryover Amount
Line 6  : Subtract either Line 2 or Line 5 (whichever applies) 
          from Line 1. If greater than zero, continue to Line 7 Line 15:  Enter the corporate tax credit derived from the 
          and complete Lines 8 and 15-17. If the amount is                 excess minimum tax from Line 8. 
          less than zero, enter zero and skip to Line 9.        Line 16:  Enter the remaining prior year corporate carryover 
Line 7  : Add Lines 6 and 2 (separate filer) or Lines 6 and 3              credits that were not used on Line 10.
          (consolidated or combined filer). Enter this amount   Line 17:  Add Lines 15 and 16.  This is the amount of 
          on Line 11 of Form 500 and replace the amount                    carryover credit for 2023. 
          computed on Form 500. Also, enter the amount in 
                                                                Line 18:  Enter any prior year estimated payments that were 
          the Electric Supplier Company section on Page 1 
                                                                           not used on Line 12.
          of Form 500. 

Va. Dept. of Taxation  6201118  Rev. 09/22