Schedule In-119 - Vt Economic Incentive Income Tax Credits - 2013 Page 2
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2*131191200*
Schedule IN-119, page 2 of 2
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Tax Credit Calculation Worksheet
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23. Enter adjusted VT income tax amount from Form IN-111, Line 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23. _____________________________________
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24. Enter credit for income tax paid to another state or Canadian province from Form IN-111, Line 23. . . . . . . . . . . . .24. _____________________________________
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25. Subtract Line 24 from Line 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25. _____________________________________
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26. Enter amount from Line 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . 26. _____________________________________
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27. Enter amount from Line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . 27. _____________________________________
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28. Add Lines 26 and 27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28. _____________________________________
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29. Enter the smaller of Line 25 OR Line 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29. _____________________________________
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30. Subtract Line 29 from Line 25, but not less than zero . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30. _____________________________________
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31. Multiply Line 30 by 50%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31. _____________________________________
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32. Enter amount from Line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . 32. _____________________________________
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33. Enter the smaller of Line 31 or Line 32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33. _____________________________________
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34. Subtract Line 33 from Line 30, but not less than zero. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34. _____________________________________
Complete Lines 35-42 if claiming Economic Advancement Tax Incentive (EATI) carry forward credits. Otherwise go to Line 43.
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35. VT tax from Form IN-111, Line 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35. _____________________________________
Ratio Schedule K-1 to Adjusted Gross Income
36. Schedule K-1 income from entity with EATI credit(s). If
EATI credits from more than one entity, see instructions.
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If negative, enter “0” here and on Line 38. . . . . . . . . .36._____________________________________
37. Adjusted Gross Income Resident: Form IN-111,
Line 10; Nonresident: Schedule IN-113, Line 42
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If negative, enter “0” here and on Line 38. . . . . . . . . .37._____________________________________
.
%
38. Divide Line 36 by Line 37 but not greater than 100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38. _________________
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39. VT Tax attributable to Schedule K-1 Income (Multiply Line 35 by Line 38) . . . . . . . . . . . . . . . . . . . . . . . . . 39. _____________________________________
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40. Statutory Credit Limitation (Multiply Line 39 by 80%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40. _____________________________________
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41. Credit Claimed. Enter amount from Line 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41. _____________________________________
42. Maximum allowable EATI Credit (Enter the smaller of Line 40 or Line 41).
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If EATI credits from more than one entity, see instructions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42. _____________________________________
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43. Total Credits Allowable. Enter the total of Lines 29, 33 and 42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43. _____________________________________
44. TOTAL INCOME TAX CREDITS AVAILABLE. Enter the smaller of Line 25 or Line 43.
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Enter this amount on Form IN-111, Line 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44. _____________________________________
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Schedule IN-119
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