Schedule In-112 Instructions - Vermont Tax Adjustments And Credits Page 3
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4Solar credits earned and carried forward under § 5822(d) are valued at 24% of the Vermont-property portion of
the Federal credit. By contrast, § 5930z credits are valued at 100% of the Vermont-property portion of the Federal
credit. This is the last year that a solar credit earned and carried forward under § 5930z can be applied.
Line 15
Add Lines 13 and 14. Enter this amount on Form IN-111, Line 19.
Part III Vermont Earned Income Tax Credit (For Full-Year and Part-Year Vermont Residents Only)
Supporting Documents Required: Evidence of earned income such as W-2 or self-employment schedule(s).
Eligibility questions A, B, and C must be answered. The claim will be disallowed if the questions are not
answered.
Full-Year Residents
Line 1
Enter the amount of your Federal earned income tax credit.
Line 2
Multiply Line 1 by 32%. Enter the result and also enter on Form IN-111, Line 31c. This is your Vermont earned
income tax credit.
Part-Year Residents
Line 3A
Enter the Federal amount of wages, salaries, tips, etc.
Line 3B
Enter the portion of Federal wages, salaries, tips, etc. earned while a Vermont resident.
Lines 4A & 4B Other earned income includes income from a business, partnership, or farm.
Line 5A
Add Lines 3 and 4 in Column A and enter result.
Line 5B
Add Lines 3 and 4 in Column B and enter result.
Line 6
Divide Line 5, Column B, by Line 5, Column A. Enter the result as a percentage carried out to two decimal places.
This is the percentage of 2016 income earned in Vermont that is eligible for the Vermont Earned Income Tax
Credit.
Line 7
Enter the amount of your Federal Earned Income Tax Credit.
Line 8
Multiply Line 7 by 32% and enter result.
Line 9
Multiply Line 8 by Line 6. Enter the result and also enter on Form IN-111, Line 31c. This is your Vermont Earned
Income Tax Credit.
Part IV Vermont Income Tax Credits
Line 1
Vermont Higher Education Investment Plan (VHEIP)
The credit is available only for contributions to the 529 plan administered by VSAC. For more information,
read Technical Bulletin 66 on our website. You may be eligible for a tax credit on contributions made during
calendar year 2016 to the Vermont Student Assistance Corporation higher education investment plan. The tax
credit equals 10% of the first $2,500 of contributions per beneficiary. For jointly filed returns, the tax credit equals
10% of the first $5,000 of contributions per beneficiary. For more information on the Vermont Higher Education
Investment plan, visit the VSAC website at , call 800-637-5860 Monday through Friday, 8:00 a.m.
to 7:00 p.m., or email .
Taxpayers receiving tax credit for Lines 2 - 4 through S corporations, LLCs, LLPs, or partnerships, enter
the name of each entity and its FEIN on the schedule.
Line 2
Charitable Housing A taxpayer making an investment in an eligible housing charity may receive a credit against
Vermont income tax. The Commissioner of Housing and Community Development calculates the credit.
Line 3
Qualified Sale of Mobile Home Park Please call the Department at 802-828-2865 if you believe that you qualify
for this credit.
Line 4
Research & Development Credit A taxpayer may receive a credit against Vermont income tax equal to 27% of
the amount of Federal tax credit allowed in the taxable year for research and development expenditures eligible
under section 41(a) of the Internal Revenue code and which are made within Vermont. Any unused credit available
may be carried forward up to 10 years. The Department will publish annually the names of taxpayers who receive
the credit.
Line 5
Total Credits Add entries from Lines 1-4 in Column C. Enter on Form IN-111, Line 24, unless you claim income
tax credits on Schedule IN-119. For Schedule IN-119 filers, enter credit on the appropriate Schedule IN-119
line(s). Use amount calculated from Schedule IN-119 for entry on Form IN-111, Line 24.
2016 Schedule IN-112 Instructions
Page 3 of 4
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