Schedule In-119 - Vt Economic Incentive Income Tax Credit - 2014 Page 2
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2*141191200*
Taxpayer’s Last Name
Social Security Number
* 1 4 1 1 9 1 2 0 0 *
Tax Credit Calculation Worksheet
.0 0
22. Enter adjusted VT income tax amount from Form IN-111, Line 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22. _____________________________________
.0 0
23. Enter credit for income tax paid to another state or Canadian province from Form IN-111, Line 23. . . . . . . . . . . . .23. _____________________________________
.0 0
24. Subtract Line 23 from Line 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24. _____________________________________
.0 0
25. Enter amount from Line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . 25. _____________________________________
.0 0
26. Enter amount from Line 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26. _____________________________________
.0 0
27. Add Lines 25 and 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27. _____________________________________
.0 0
28. Enter the smaller of Line 24 OR Line 27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28. _____________________________________
.0 0
29. Subtract Line 28 from Line 24, but not less than zero . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29. _____________________________________
.0 0
30. Multiply Line 29 by 50%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30. _____________________________________
.0 0
31. Enter amount from Line 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . 31. _____________________________________
.0 0
32. Enter the smaller of Line 30 or Line 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32. _____________________________________
Complete Lines 33-40 if claiming Economic Advancement Tax Incentive (EATI) carry forward credits. Otherwise go to Line 41.
.0 0
33. VT tax from Form IN-111, Line 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33. _____________________________________
Ratio Schedule K-1 to Adjusted Gross Income
34. Schedule K-1 income from entity with EATI credit(s). If
EATI credits from more than one entity, see instructions.
.0 0
If negative, enter “0” here and on Line 36. . . . . . . . . .34._____________________________________
35. Adjusted Gross Income Resident: Form IN-111,
Line 10; Nonresident: Schedule IN-113, Line 39
.0 0
If negative, enter “0” here and on Line 36. . . . . . . . . .35._____________________________________
.
%
36. Divide Line 34 by Line 35 but not greater than 100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36. _________________
.0 0
37. VT Tax attributable to Schedule K-1 Income (Multiply Line 33 by Line 36) . . . . . . . . . . . . . . . . . . . . . . . . . 37. _____________________________________
.0 0
38. Statutory Credit Limitation (Multiply Line 37 by 80%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38. _____________________________________
.0 0
39. Credit Claimed. Enter amount from Line 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39. _____________________________________
40. Maximum allowable EATI Credit (Enter the smaller of Line 38 or Line 39).
.0 0
If EATI credits from more than one entity, see instructions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40. _____________________________________
.0 0
41. Total Credits Allowable. Enter the total of Lines 28, 32 and 40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41. _____________________________________
42. TOTAL INCOME TAX CREDITS AVAILABLE. Enter the smaller of Line 24 or Line 41.
.0 0
Enter this amount on Form IN-111, Line 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42. _____________________________________
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Schedule IN-119
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