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Virginia Free Printable 2019 Schedule 500CR - Credit Computation Schedule for Corporations for 2020 Virginia 500CR - Credit Computation Schedule for Form 500

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500CR - Credit Computation Schedule for Form 500
2019 Schedule 500CR - Credit Computation Schedule for Corporations

2019 Virginia Schedule 500CR Page 1 Credit Computation Schedule for Corporations *VACPCR119888* See Page 6 and Form 500 Instructions for additional information on required enclosures. Name as shown on Virginia return  ______________________________________________ FEIN  __________________________________ Section 1 – Nonrefundable Credits PART 1 – MAXIMUM NONREFUNDABLE TAX CREDITS A Enter the tax from Line 9, Form 500 The maximum total nonrefundable credits claimed in Section 2, Line 1B may not exceed this amount.............................1A .00 PART 2 – NEIGHBORHOOD ASSISTANCE ACT (NAA) TAX CREDIT A Authorized amount of NEIGHBORHOOD ASSISTANCE ACT CREDIT ..........................A .00 B Carryover credit from prior year(s) [enclose computation]....................................................B .00 C Maximum NAA credit available for the taxable year. Add Line A and Line B........................ C .00 D Credit allowable this year: Line C or balance of maximum credit available, whichever is less....................................... 2D E Carryover credit to next year: Line C less Line 2D (if within the 5-year carryover period)......... E .00 .00 * PART 3 – ENTERPRISE ZONE ACT TAX CREDIT A Nonrefundable credit allowable this year from Form 301 (enclose Form 301 and, if applicable, qualification certificate).................................................................................................... 3A * PART 4 – CONSERVATION TILLAGE EQUIPMENT TAX CREDIT A Enter 25% of qualifying property cost or $4,000, whichever is less......................................A .00 B Carryover credit from prior year(s) [enclose computation]....................................................B .00 C Add Line A and Line B.......................................................................................................... C .00 D Credit allowable this year: Line C or balance of maximum credit available, whichever is less....................................... 4D E Carryover credit to next year: Line C less Line 4D (if within the 5-year carryover period)......... E .00 .00 .00 * PART 5 – BIODIESEL AND GREEN DIESEL FUELS TAX CREDIT A Enter the amount of biodiesel fuel tax credit authorized by the Department or the amount transferred to you in the current taxable year................................................A .00 B Carryover credit from prior year(s) [enclose computation]....................................................B .00 C Add Line A and Line B.......................................................................................................... C .00 D Enter the total credit transferred to others in the current taxable year................................. D .00 E Subtract Line D from Line C..................................................................................................E .00 F Credit allowable this year: Line E or balance of maximum credit available, whichever is less........................................ 5F G Carryover credit to next year: Line E less Line 5F (if within the 3-year carryover period)..........G * PART 6 – PRECISION FERTILIZER AND PESTICIDE APPLICATION EQUIPMENT TAX CREDIT .00 A Enter 25% of current qualifying equipment cost or $3,750, whichever is less......................A .00 B Carryover credit from prior year(s) [enclose computation]....................................................B .00 C Add Line A and Line B.......................................................................................................... C .00 D Credit allowable this year: Line C or balance of maximum credit available, whichever is less....................................... 6D E Carryover credit to next year: Line C less Line 6D (if within the 5-year carryover period)......... E .00 Enclose Schedule 500CR with your Virginia Corporation Income Tax Return, Form 500. Va. Dept of Taxation  2601011-W  Rev. 08/19 .00 .00 2019 Virginia Schedule 500CR Page 2 Name as shown on Virginia return______________________________ FEIN_____________________________ *VACPCR219888* PART 7 ­– RECYCLABLE MATERIALS PROCESSING EQUIPMENT TAX CREDIT A Enter 20% of qualifying recyclable equipment cost...............................................................A .00 B Carryover credit from prior year(s)........................................................................................B .00 C Add Line A and Line B.......................................................................................................... C .00 D Enter 40% of tax per return. See instructions....................................................................... D .00 E Maximum credit: Enter the amount from Line C or Line D, whichever is less.......................E .00 F Credit allowable this year: Line E or balance of maximum credit available, whichever is less........................................ 7F G Carryover credit to next year: Line C less Line 7F (if within the 10-year carryover period)....... G * PART 8 – CLEAN-FUEL VEHICLE and VEHICLE EMISSIONS TESTING EQUIPMENT TAX CREDITS A Carryover credit from prior year(s) [enclose computation]....................................................A .00 .00 B CLEAN-FUEL VEHICLE TAX CREDIT allowable this year: Enter the amount from Line A or balance of maximum credit available, whichever is less................................................ 8B C Carryover credit for next year: Line A less Line 8B (if within the 5-year carryover period)......... C .00 D Enter 20% of the purchase or lease price paid during the taxable year plus any carryover credit from prior year(s) for qualified vehicle emissions testing equipment... D .00 E VEHICLE EMISSIONS TESTING EQUIPMENT TAX CREDIT allowable this year: Enter the amount from Line D or balance of maximum credit available, whichever is less................................................. 8E F Carryover credit to next year: Line D less Line 8E (if within the 5-year carryover period)..........F .00 .00 .00 .00 PART 9 – MAJOR BUSINESS FACILITY JOB TAX CREDIT A Credit amount authorized by the Department (include all expansions)............................A .00 B Carryover credit from prior years (include all expansions) ...................................................B .00 C Add Line A and Line B.......................................................................................................... C .00 D Credit allowable this year: Line C or balance of maximum credit available, whichever is less....................................... 9D E Carryover credit to next year: Line C less Line 9D (if within the 10-year carryover period)........... E .00 .00 PART 10 – CLEAN-FUEL VEHICLE JOB CREATION TAX CREDIT (Expired December 31, 2014) A Carryover credit from prior year(s) [enclose computation]....................................................A .00 B Credit allowable this year: Line A or balance of maximum credit available, whichever is less..................................... 10B C Carryover credit to next year: Line A less Line 10B (if within the 5-year carryover period)........ C .00 .00 PART 11 – HISTORIC REHABILITATION TAX CREDIT A Enter the amount of eligible expenses..................................................................................A .00 B Enter 25% of the amount on Line A.......................................................................................B .00 C Carryover credit from prior year(s)....................................................................................... C .00 D Add Line B and Line C......................................................................................................... D .00 E Credit allowable this year: Line D or balance of maximum credit available, whichever is less (Each credit holder cannot claim more than $5 million)....................................................................................................11E F Carryover credit to next year: Line D less Line 11E (if within the 10-year carryover period)......F .00 .00 2019 Virginia Schedule 500CR Page 3 Name as shown on Virginia return______________________________ FEIN_____________________________ *VACPCR319888* PART 12 – WORKER RETRAINING TAX CREDIT A Carryover credit from prior year(s) [enclose computation]....................................................A .00 B Credit allowable this year: Line A or balance of maximum credit available, whichever is less..................................... 12B C Carryover credit to next year: Line A less Line 12B (if within the 3-year carryover period)........ C * .00 .00 PART 13 – WASTE MOTOR OIL BURNING EQUIPMENT TAX CREDIT A Enter 50% of the purchase price paid during the taxable year for equipment used exclusively for burning waste motor oil at your business facility...........................................A .00 B Credit allowable this year: Enter the lesser of $5,000 or the amount on Line A, not to exceed maximum credit available... 13B .00 PART 14 – RIPARIAN WATERWAY BUFFER TAX CREDIT A Enter the credit amount authorized by the Virginia Department of Forestry.........................A .00 B Carryover credit from prior year(s) [enclose computation]....................................................B .00 C Add Line A and Line B.......................................................................................................... C .00 D Credit allowable this year: Line C or balance of maximum credit available, whichever is less..................................... 14D E Carryover credit to next year: Line C less Line 14D (if within the 5-year carryover period)....... E .00 .00 PART 15 – LAND PRESERVATION TAX CREDIT A Enter the credit amount originating in 2019 or the amount of credit transferred to you in 2019........................................................................................................................A .00 B Carryover credit from prior year(s) [enclose computation]....................................................B .00 C Add Line A and Line B.......................................................................................................... C .00 D Enter the total credit transferred to others in 2019............................................................... D .00 E Line C less Line D.................................................................................................................E .00 F Credit allowable this year: Line E or balance of maximum credit available, whichever is less. (Each credit holder cannot claim more than $20,000).......................................................................................................15F G Carryover credit to next year: Line E less Line 15F (see instructions for carryover period)...... G * .00 .00 PART 16 – VIRGINIA COAL EMPLOYMENT AND PRODUCTION INCENTIVE TAX CREDIT A Enter the number of qualifying tons of coal...........................................................................A .00 B Multiply the amount on Line A by $3.00.................................................................................B .00 C Carryover credit from prior year(s), if eligible for carryover credits. [enclose computation]........... C .00 D Add Line B and Line C......................................................................................................... D .00 E Enter the amount of credit assigned to another party...........................................................E .00 F Subtract Line E from Line D..................................................................................................F .00 G Credit allowable this year: Enter Line F or balance of maximum credit available, whichever is less............................ 16G H Carryover credit to next year: Line F less Line 16G (if eligible for carryover credits)................. H .00 .00 PART 17 – COMMUNITY OF OPPORTUNITY TAX CREDIT A Enter the credit amount authorized by the Department of Housing and Community Development......................................................................................................A .00 B Carryover credit from prior year(s)........................................................................................B .00 C Add Line A and Line B.......................................................................................................... C .00 D Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less...... 17D E Carryover credit to next year: Line C less Line 17D (if within the 5-year carryover period)....... E .00 .00 2019 Virginia Schedule 500CR Page 4 Name as shown on Virginia return______________________________ FEIN_____________________________ *VACPCR419888* PART 18 – GREEN JOB CREATION TAX CREDIT A Enter the total eligible credit amount for each annual salary of $50,000 or more.................A .00 B Carryover credit from prior year(s)........................................................................................B .00 C Add Line A and Line B.......................................................................................................... C .00 D Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less...... 18D E Carryover credit to next year: Line C less Line 18D (if within the 5-year carryover period)........E .00 .00 PART 19 – FARM WINERIES AND VINEYARDS TAX CREDIT A Enter the total eligible credit amount.....................................................................................A .00 B Carryover credit from prior year(s)........................................................................................B .00 C Add Line A and Line B.......................................................................................................... C .00 D Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less................ 19D E Carryover credit to next year: Line C less Line 19D (if within the 10-year carryover period)......E .00 .00 PART 20 – INTERNATIONAL TRADE FACILITY TAX CREDIT A Enter the total eligible credit amount.....................................................................................A .00 B Carryover credit from prior year(s)........................................................................................B .00 C Add Line A and Line B.......................................................................................................... C .00 D Enter 50% of the tax imposed on the taxpayer for the taxable year..................................... D .00 E Maximum credit: Enter the amount on Line C or Line D, whichever is less..........................E .00 F Credit allowable this year: Enter amount from Line E or balance of maximum credit available, whichever is less....... 20F G Carryover credit to next year: Line C less Line 20F (if within the 10-year carryover period)..... G .00 .00 PART 21 – PORT VOLUME INCREASE TAX CREDIT A Enter the total credit amount originating in 2019 or the amount of credit transferred to you in 2019........................................................................................................................A .00 B Carryover credit from prior year(s)........................................................................................B .00 C Add Line A and Line B.......................................................................................................... C .00 D Enter the credit amount earned during 2019 that was transferred to others........................ D .00 E Line C less Line D.................................................................................................................E .00 F Credit allowable this year: Enter amount from Line E or balance of maximum credit available, whichever is less....... 21F G Carryover credit to next year: Line E less Line 21F (if within the 5-year carryover period)........ G .00 .00 PART 22 – BARGE AND RAIL USAGE TAX CREDIT A Enter the total eligible credit amount.....................................................................................A .00 B Carryover credit from prior year(s)........................................................................................B .00 C Add Line A and Line B.......................................................................................................... C .00 D Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less...... 22D E Carryover credit to next year: Line C less Line 22D (if within the 5-year carryover period)..... E .00 .00 PART 23 – LIVABLE HOME TAX CREDIT A Enter the total eligible credit amount.....................................................................................A .00 B Carryover credit from prior year(s)........................................................................................B .00 C Add Line A and Line B.......................................................................................................... C .00 D Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less.... 23D E Carryover credit to next year: Line C less Line 23D (if within the 7-year carryover period)..... E .00 .00 2019 Virginia Schedule 500CR Page 5 Name as shown on Virginia return______________________________ FEIN_____________________________ *VACPCR519888* PART 24 – RESEARCH AND DEVELOPMENT EXPENSES TAX CREDIT A Enter the total eligible credit amount authorized by the Department.....................................A .00 B Credit allowable this year: Enter amount from Line A or balance of maximum credit available, whichever is less..... 24B .00 PART 25 – MAJOR RESEARCH AND DEVELOPMENT EXPENSES TAX CREDIT A Enter the total eligible credit amount authorized by the Department.....................................A .00 B Carryover credit from prior year(s)........................................................................................B .00 C Add Line A and Line B.......................................................................................................... C .00 D Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less. (This amount cannot be more than 75% of tax on your return)....................................................................................... 25D E Carryover credit to next year: Line C less Line 25D (if within the 10-year carryover period)...E .00 .00 PART 26 – EDUCATION IMPROVEMENT SCHOLARSHIPS TAX CREDIT A Enter the total eligible credit amount authorized by the Virginia Department of Education...........A .00 B Carryover credit from prior year(s)........................................................................................B .00 C Add Lines A and B................................................................................................................ C .00 D Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less..... 26D E Carryover credit to next year: Line C less Line 26D (if within the 5-year carryover period).......... E .00 .00 PART 27 – FOOD CROP DONATION TAX CREDIT A Enter the total eligible credit amount authorized by the Department.....................................A .00 B Carryover credit from prior year(s)........................................................................................B .00 C Add Line A and Line B.......................................................................................................... C .00 D Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less..... 27D E Carryover credit to next year: Line C less Line 27D (if within the 5-year carryover period)..... E .00 .00 PART 28 – WORKER TRAINING TAX CREDIT A Enter the total eligible credit amount authorized by the Department.....................................A .00 B Carryover credit from prior year(s)........................................................................................B C Add Line A and Line B.......................................................................................................... C .00 D Credit allowable this year: Enter amount from Line C or balance of maximum credit available, whichever is less..... 28D E Carryover credit to next year: Line C less Line 28D (if within the 3-year carryover period)..... E .00 .00 Section 2 – Total Nonrefundable Credits PART 1 – TOTAL NONREFUNDABLE TAX CREDITS A Add the amounts on Lines 2D, 3A, 4D, 5F, 6D, 7F, 8B, 8E, 9D, 10B, 11E, 12B, 13B, 14D, 15F, 16G, 17D, 18D, 19D, 20F, 21F, 22D, 23D, 24B, 25D, 26D, 27D, and 28D...................A .00 B TOTAL NONREFUNDABLE CREDITS ALLOWABLE THIS YEAR: Enter the amount from Line A or the amount from Section 1, Line 1A, whichever is less. Transfer this amount to Form 500, Line 10............................ 1B .00 REMEMBER TO ENCLOSE SUPPORTING DOCUMENTATION FOR EACH CREDIT CLAIMED. SEE THE INSTRUCTIONS ON PAGE 6. 2019 Virginia Schedule 500CR Page 6 Name as shown on Virginia return______________________________ FEIN_____________________________ *VACPCR619888* Section 3 – Refundable Credits * PART 1 – COALFIELD EMPLOYMENT ENHANCEMENT TAX CREDIT A 100% Coalfield Employment Enhancement Tax Credit from 2019 Form 306B, Line 1(b)....................................................... 1A .00 B Full credit: Enter amount from 2019 Form 306B, Line 13............................................................................................................. 1B .00 C 85% credit: Enter amount from 2019 Form 306B, Line 15........................................................................................................... 1C .00 D Total Coalfield Employment Enhancement Tax Credit allowable this year: Add Lines 1B and 1C................................ 1D .00 E Coalfield Employment Enhancement Tax Credit earned in 2019 to be used when completing your 2022 return. Enter amount from your 2019 Form 306, Line 11.......................................................................................................................... 1E .00 PART 2 – MOTION PICTURE PRODUCTION TAX CREDITS A Enter the credit amount authorized by the Virginia Film Office (VFO)........................................................................................ 2A .00 PART 3 – RESEARCH AND DEVELOPMENT EXPENSES TAX CREDIT A Enter credit amount authorized by the Department....................................................................................................................... 3A * .00 PART 4 – AGRICULTURAL BEST MANAGEMENT PRACTICES TAX CREDIT A Enter amount of credit authorized by the Department of Conservation and Recreation.....................................................4A .00 Section 4 – Total Refundable Credits PART 1 – TOTAL REFUNDABLE CREDITS A Enter the total of Section 3 Line 1D, Line 2A, Line 3A, and Line 4A here and on Form 500, Line 14 .................................. 1A .00 What to Enclose * The following enclosures should be included with your return when claiming the original credit. Computation schedules are required when claiming a carried-forward credit. Missing enclosures may cause a credit to be disallowed. • Enterprise Zone Act Tax Credit: Form 301. • Conservation Tillage Equipment Tax Credit: Statement showing purchase date, description, and credit computation. • Biodiesel and Green Diesel Fuels Tax Credit: The letter of certification from the Virginia Department of Taxation authorizing the credit. • Precision Fertilizer and Pesticide Application Equipment Tax Credit: Statement showing purchase date, description, and credit computation. • Vehicle Emissions Testing Equipment Tax Credit: Copy of your Air Check Virginia Station Participation and Services Agreement or a copy of the Northern Virginia Analyzer Equipment Certification. For a copy of your service agreement, contact Opus Inspection at (703) 822-7587. For a copy of the Analyzer Equipment Certification access the Forms webpage of the Air Check Virginia website: http://www.deq.virginia.gov/Programs/AirCheckVirginia/Forms.aspx. • Waste Motor Oil Burning Equipment Tax Credit: Approved Form 50-12 from the Department of Environmental Quality, receipts, invoices, or other documentation to confirm purchase price paid. • Virginia Coal Employment and Production Incentive Tax Credit: Certification from the coal producer that the coal was mined in Virginia. • Coalfield Employment Enhancement Tax Credit: Form 306, Form 306B, and completed schedules, if applicable. See the “What to Enclose” section in the Form 306 instructions for additional enclosure requirements and information. • Agricultural Best Management Practices Tax Credit: Copy of the tax credit approval letter from the local Soil and Water Conservation District.
Extracted from PDF file 2019-virginia-form-500cr.pdf, last modified August 2019

More about the Virginia Form 500CR Corporate Income Tax Tax Credit TY 2019

We last updated the 500CR - Credit Computation Schedule for Form 500 in March 2020, so this is the latest version of Form 500CR, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 500CR directly from TaxFormFinder. You can print other Virginia tax forms here.

Other Virginia Corporate Income Tax Forms:

TaxFormFinder has an additional 135 Virginia income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 502 Pass-Through Entity Return of Income
Form 770 770 - VA Fiduciary Income Tax Return
Form 502W 502W - Pass-Through Entity Withholding Tax Payment Voucher and Instructions
Form 500 Corporate Income Tax Return
Form 770IP Virginia Fiduciary and Unified Nonresident Automatic Extension Payment

Download all VA tax forms View all 136 Virginia Income Tax Forms


Form Sources:

Virginia usually releases forms for the current tax year between January and April. We last updated Virginia Form 500CR from the Department of Taxation in March 2020.

Show Sources >

Form 500CR is a Virginia Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Virginia Form 500CR

We have a total of nine past-year versions of Form 500CR in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form 500CR

2019 Schedule 500CR - Credit Computation Schedule for Corporations

2018 Form 500CR

2018 Schedule 500CR - Credit Computation Schedule for Corporations

2017 Form 500CR

2017 Schedule 500CR - Credit Computation Schedule for Corporation Income Tax Returns

2016 Form 500CR

Schedule 500CR - 2016 Corporate Credit Computation Schedule

500CR - Credit Computation Schedule for Form 500 2015 Form 500CR

500CR 15 ER ADJ Final 06 24 15.indd

500CR - Credit Computation Schedule for Form 500 2014 Form 500CR

500CR 14 ER Web 09 03 14.indd

2012 Form 500CR

500CR 12 final 08 02 12.indd

2011 Form 500CR

500CR 11 web final 01 10 11.indd


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