Financial Services Development Credit Worksheet - For Pass-Through To Shareholders
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1Financial Services Development Credit Worksheet - For Pass-through to Shareholders
Taxpayer Name:
___________________________________________________________________________
EIN/SSN:
__________________________
Fiscal Year Ending: ______________________________
Business Name:
____________________________________________________________________________
Was a credit claimed last year? If so, has the entity ceased to employ in Vermont, for a period in excess of 120 consecutive days, at least
65% of the number of employees in Vermont as of the year (up to six years) a tax credit was taken under this statute? (32 V.S.A. §5922)
Yes __________
No __________
If you answered “Yes” to this question, you may not claim additional Financial Services Development Credits. You may also
be required to repay a portion of the credits taken pursuant to the recapture provisions of 32 V.S.A. §5922(e). Attach a copy of
this form to VT Personal Income tax filing when completed.
Number of full time/part time VT employees at start of year:
________/________
Number of full time/part time VT employees at end of year:
________/________
Total payroll paid to VT employees last year:
$_______________________
Total payroll paid to VT employees this year:
$_______________________
1. Tax Liability from Financial Services
(a)
_________________
Total tax liability before this credit (Take from IN-111, Line 22)
1(a) $
(b) Percentage of gross income from financial services:
(Gross income from business as Investment Advisor, Manager and Investment Company divided
by gross income from all sources.) Take figure from Shareholder’s K-1 income, plus personal
income Schedule E, Line 32 and Schedule C, if there are other employees
______________%
1(b)
from the sole proprietor.
________________
(c) Multiply Line 1(a) by Line 1(b).
1(c) $_
2. Apportioned Ratio
(a) Revenue from assets under management or other investment
business for nonVermont residents (Comes from their software
________________
supporting the breakdown of Revenue on all nonVermont clients).
2(a)
$
(b) Total revenue from assets under management or other investment
business (Total revenue from BA-402, Line 2, from all sources
everywhere for all clients in Vermont).
2(b) $___________________
%
________________
(c) Divide Line 2(a) by Line 2(b)
2(c)
________________
3. $
3. Multiply Line 1(c) by Line 2(c)
4. Apportioned Payroll Ratio
(a) Individual compensation for services performed in Vermont
(Take from BA-402, Line 13 (b))
4(a) $___________________
(b) Total payroll expenses (Take from BA-402, Line 13 (a))
4(b) $___________________
________________
(c) Divide Line 4(a) by Line 4(b)
4(c) $
.
________________
5
Credit (Before application of any limitations) Multiply Line 3 by Line 4(c)
5. $
6. Credit: Enter lesser of Line 1(c ) or Line 5 (Cannot be more
6. $___________________
than 75% of the Vermont pre-credit tax from IN-111, Line 22)
** If the activity subject to credit is conducted by a Limited Liability Company, Partnership or S Corporation, the
entity should calculate the portion of its Apportioned Ratio and Apportioned Payroll ratio on a master schedule.
Member, partner or shareholder claiming the credit should attach a copy of the master schedule.
REV: 12/31/05
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